Cheaper Gas For The Holidays? Goldman Sachs Predicts Brent Oil Below $90 By Year-End
Portfolio Pulse from Bhavik Nair
Goldman Sachs has lowered its Brent oil price forecast for December to $86 a barrel, down from $95, due to increasing global supplies and reducing demand. Supply increases from Russia, Iran, and Venezuela are driving the lower price outlook. The Federal Reserve's policy decision this week is also impacting oil prices.
June 12, 2023 | 3:12 am
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NEGATIVE IMPACT
Goldman Sachs' lowered Brent oil price forecast may negatively impact the United States Brent Oil Fund (BNO), which closed 0.98% lower on Friday.
Goldman Sachs' lowered Brent oil price forecast is a result of increasing global supplies and reducing demand. This may lead to a decrease in the value of the United States Brent Oil Fund (BNO) as it is directly tied to the price of Brent oil.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Goldman Sachs' lowered Brent oil price forecast may negatively impact the Vanguard Energy Index Fund ETF (VDE), which lost 0.63% on Friday.
Goldman Sachs' lowered Brent oil price forecast is a result of increasing global supplies and reducing demand. This may lead to a decrease in the value of the Vanguard Energy Index Fund ETF (VDE) as it is an energy-focused ETF and may be affected by changes in oil prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80