Goldman Sachs lowers December oil price forecasts for U.S. and Burundi

On June 12th, Goldman Sachs, one of the most bullish investment banks on the outlook for oil prices, has once again lowered its oil price forecasts for US and Bursa oil amid rising global supply and weakening demand. The bank lowered its December Brent price forecast to $86 a barrel, down from its previous estimate of $95 a barrel, and lowered its WTI price forecast to $81 a barrel from $89. It was Goldman’s third cut in the past six months, after sticking to its $100-a-barrel forecast. On Friday, the August Brent crude contract settled at $74.79 a barrel. They’ve never been wrong for so long, said Jeff Currie, head of commodities research at Goldman Sachs. Increased supply from countries facing sanctions, namely Russia, Iran and Venezuela, is a key driver of the lower price outlook, according to Goldman Sachs.