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25.02.2019 16:50

Goldman Sachs: near-term oil view modestly bullish on tightening market

  • The upside potential for benchmark Brent crude prices exceeds the near-term outlook of $67.50/bbl and could easily trade between $70 and $75 per barrel.

  • However, bullishness needs to be tempered looking into the second half of 2019, anticipating an impact from U.S. shale exports and OPEC potentially relaxing production curbs.

  • Saudi Arabia has been vocal in suggesting markets will be re-balanced before June, implying further supply cuts are not needed during second half of 2019

  • Long-dated oil prices will likely remain under pressure below $60/bbl Brent and $55/bbl WTI due to the (output cut) exit strategy


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