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<Research>G Sachs: Oil Oversupply Expected; Brent Crude May Bottom at US$54 This Yr
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Although geopolitical tensions shored up oil prices repeatedly, strong overall oil supply was expected to lead to a daily surplus of 2.3 million barrels, Goldman Sachs said in its report, estimating that the average prices of Brent Crude and New York Crude will further decline to US$56 and US$52 respectively this year. Ongoing geopolitical factors may affect oil price volatility, the report opined. With the accelerated growth of crude oil inventories among OECD member countries and the slowdown in the growth of offshore crude inventories, Brent and New York crude prices were expected to drop to US$54 and US$50 respectively in 4Q26. AASTOCKS Financial News Website: www.aastocks.com |
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