Oil is trading lower after rising recently on a Libyan production outage. Additionally, Goldman Sachs lowered its oil price forecasts on Monday, citing slower China demand growth and upside US supply.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining after a recent rise due to a Libyan production outage. Goldman Sachs has reduced its oil price forecasts, attributing this to slower demand growth in China and increased US supply.
August 27, 2024 | 4:29 pm
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NEGATIVE IMPACT
BNO, an ETF tracking Brent crude oil, may see a short-term price decline due to lower oil price forecasts by Goldman Sachs, driven by slower China demand and increased US supply.
BNO is directly affected by changes in Brent crude oil prices. With Goldman Sachs lowering its oil price forecasts, BNO is likely to experience downward pressure.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USO, an ETF tracking WTI crude oil, is likely to experience a short-term decline as Goldman Sachs lowers oil price forecasts due to slower China demand and increased US supply.
USO is directly linked to WTI crude oil prices. The reduction in oil price forecasts by Goldman Sachs suggests a potential decrease in USO's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80