23 Aug, 23

Goldman Sachs: Large Inventory Draws Limit Downside Risk To Oil Prices

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Larger than previously expected oil inventory draws in developed economies could limit downside risks to oil prices and add $2 a barrel to Goldman Sachs’s end-year call for $86 per barrel Brent, the bank said in a note. Commercial oil stocks in the OECD region in August are trending 30 million barrels lower than Goldman Sachs analysts have previously expected, the Wall Street bank said in the Tuesday note carried by Reuters. “The main reason for oil outperformance is that the oil market continues to price sizeable deficits,” Goldman…

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