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Goldman ups oil price estimate

Published 02/01/2018, 08:53 AM
© Reuters.  Goldman ups oil price estimate
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  • With Brent crude already having surpassed its $62 per barrel forecast, Goldman sees the price hitting $75 over the next three months, and $82.50 in six.
  • Brent's at $69.47 this morning.
  • The rebalancing of the oil market has likely been achieved, says the bank, noting "stellar demand growth" along with OPEC compliance and collapsing Venezuela production as combining to speed up the process.
  • One thing necessary for the market to stay in balance will be a continued rise in U.S. shale production, says Goldman.
  • Previously: U.S. crude oil production tops 10M bbl/day for first time since 1970 (Jan. 31)
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, UHN, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, USAI
  • Now read: Leverage Comes At A Price


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