Goldman Sachs cuts oil price forecast, adding to market concerns

June 13th, Goldman Sachs lowered its December oil price forecast from US$95 per barrel to US$86 per barrel, and lowered its WTI crude oil forecast from US$89 per barrel to US$81 per barrel, the third time it lowered its oil price forecast in half a year. This exacerbated market concerns about the outlook for oil demand, leading to extended declines in oil prices. Rebecca Babin, a senior energy trader at CIBC Private Wealth, said that in addition to Goldman Sachs, the former crude oil “bully”, lowered its oil price forecast again, indicators in the spot market are also shaking the confidence of the bulls, who expect the oil market to recover from surplus in the next few months. turned into a shortage. The time spread, which traders use to assess supply and demand dynamics, continues to deteriorate, fueling massive risk aversion and prompting bears to keep putting pressure on oil prices.