Goldman Sachs has raised its forecast for crude oil prices this year, with supply hit by the “shock and awe” implementation of OPEC-led output cuts and by US sanctions on Iran and Venezuela.
The investment bank said in a note dated April 8 that it now expects benchmark Brent crude prices to average $66 per barrel in 2019, compared with its previous estimate of $62.50.
It sees US crude oil averaging $59.50 per barrel, up from its last forecast of $55.50.
