Goldman Sachs has raised its fourth-quarter oil price outlook by $6 per barrel, citing tighter-than-anticipated inventories in OECD economies despite an overall view of global oversupply. The bank now projects Oil – Brent Crude at $60 and Oil – US Crude (WTI) at $56 by year-end, signaling expectations that low stocks could cushion prices against supply-heavy conditions.
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Over the past month, Oil – US Crude has advanced about 8.24%, while Oil – Brent Crude has gained roughly 8.64%, reflecting firming sentiment as investors reassess demand and storage dynamics. On a 1-day view, technical indicators for both WTI and Brent currently point to a Buy and Buy bias, respectively, suggesting short-term momentum aligns with the upgraded price forecasts. Investors can explore more updates, prices, and analysis across global markets at Commodities.