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Goldman Sachs curtailed the outlook of Brent and WTI prices for 2018

Goldman Sachs analysts have curtailed the outlook of an average Brent price for 2018 to $58 per barrel, despite earlier predictions of $63 per barrel.

16.Dec.16 10:39 AM
By Anna Tuzova


Goldman Sachs curtailed the outlook of Brent and WTI prices for 2018
The outlook for WTI prices has been also scaled back to $55 per barrel; the earlier projection was $60 pb.

In the second quarter of 2018, according to experts, the WTI quotations would be in the area $57,5 per barrel, which is better than the previous assessment $55 per barrel. The forecast for Brent for the period was raised to $59 from $56,5.

The analysts have raised the Brent quotations forecast in the current year from $54 pb to $57,38 pb. 

The agreement between the OPEC countries and the independent oil producers on the oil output limiting would support prices on $55 pb, as pointed out in the bank’s report. The bargain eliminates uncertainty about the participation of countries which are not OPEC members, though the pledged limitation amounts turned to be less than were expected, and the implementation of the commitments is in doubt.

The Energy Minister of Saudi Arabia’s statement on the country’s willingness to cut the output lower than 10 million barrel per day suggests that they have strong economic and financial reasons to shorten the production to reach normal stock levels, even if it would take larger unilateral action, the message is quoted by Bloomberg.

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