Fortune500 News Hubb
Advertisement Banner
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Business News

Goldman Sachs Sees Crude Hitting $110 in 2023

admin by admin
November 29, 2022
in Business News


  • Goldman Sachs expects crude oil to hit $110 per barrel next year, representing upside of more than 30%. 
  • The investment bank’s commodities chief said the outlook for oil in 2023 is “very positive.”
  • But in an interview with CNBC, he also acknowledged that there’s “a lot of uncertainty” ahead.

Loading Something is loading.

Thanks for signing up!

Access your favorite topics in a personalized feed while you’re on the go.

Despite concerns over China’s zero-COVID policy and global recession fears, Goldman Sachs expects Brent crude oil prices to hit $110 a barrel next year.

Jeff Currie, global head of commodities at the investment bank, said Tuesday that the oil outlook in 2023 remains “very positive.” 

He told CNBC in an interview that Goldman plans to “stick to our guns” with a forecast for $110-a-barrel Brent. That represents more than 30% upside from the current level of around $83.

Still, there’s “a lot of uncertainty” ahead, Currie noted, including the potential for lower demand in China, recession fears, and the European Union’s embargo next week on seaborne imports of Russian oil. 

“Demand is probably heading south again in China given what’s going on,” he said. “I think the key point with China right now is the risk that you get a forced reopening. That means it’ll be self-imposed lockdowns where people don’t want to get on trains, don’t want to get to work and demand goes further south.”

Meanwhile, OPEC+ will convene in Vienna on Sunday, and Currie said there is a high probability that the cartel will further reduce its oil production quotas, putting upward pressure on prices.



Source link

Previous Post

What is career cushioning? The workplace trend you’re about to hate

Next Post

Why Shares of R1 RCM rose 10% on Tuesday

Next Post

Why Shares of R1 RCM rose 10% on Tuesday

Recommended

House GOP Will Have ‘Totally Nonfunctional Majority’ in ’23

2 months ago

Apparently AIs Getting MBAs Is A Thing Now

4 days ago

3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond

2 months ago

Why BioNTech Was a Sickly Stock This Week

4 weeks ago

Top 10 Worst Holiday Gifts Include Fruitcake and Christmas Ties, Survey Says

1 month ago

Bank of Japan Braces for Major Bond Policy Shakeup

1 week ago

© 2022 Fortune500 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Fortune 500 News
  • Business News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact

© 2022 Fortune500 News Hubb All rights reserved.