Posted on 01/07/2019 7:36:43 AM PST by bananaman22
Goldman Sachs reduced its outlook for oil prices this year citing abundant supply, Bloomberg reports, quoting a note to clients.
The investment banks analysts now expect Brent crude to average US$62.50 a barrel this year, down from an earlier projection of US$70 a barrel. West Texas Intermediate, according to Goldman Sachs, will average US$55.50 a barrel, compared with an earlier estimate of US$64.50 a barrel.
The price outlook revision was motivated by expectations of another glut despite the OPEC+ production cuts aimed at removing 1.2 million bpd from the global market and continued growth in U.S. shale oil production, as well as higher output in Brazil and Canada.
(Excerpt) Read more at oilprice.com ...
The price of oil is up today by 2.9%. Even after Goldman Sach’s prediction.
ROTFLOL.......now that’s funny.
Don’t know about the price of a barrel of oil. A gallon of gasoline is $1.69 about 50 miles north of Atlanta. Drill baby, drill.
Because they privately expect it to increase.
Wow. It's ~2.55/gal here in Massatuskey.
That’s awesome! We got hit with a massive gas tax increase here in Washington State so now we pay a total of 70 cents a gallon extra. Costco gas is “only” $2.69 a gallon today.
-Barrack Obama 2012
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