Goldman Sachs has increased its fourth-quarter price forecast for Brent crude oil to $90 per barrel and for WTI crude oil to $83 per barrel, citing a significant reduction in Middle Eastern production. The bank's analysts highlighted the risks of refined product supply shortages and the unprecedented scale of the current supply shock. They noted that Middle Eastern crude oil production has decreased by 14.5 million barrels per day, resulting in a record daily decline in global crude inventories of 11 to 12 million barrels in April.
Goldman Sachs Raises Oil Price Forecast Amid Middle East Supply Decline
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