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Goldman: Oil rises in 2018 as inventories fall and production cuts
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 Arab and international |
Economy News _ Baghdad Goldman Sachs raised its forecast for oil prices in 2018, citing a drop in stocks next year and a strong commitment from Russia and Saudi Arabia to extending crude cuts at the OPEC meeting in Vienna last week. In a note issued late on Monday, the bank raised its forecast for the price of Brent next year to 62 dollars per barrel and the West Texas Intermediate WTI to 57.50 dollars a barrel. He added that the amendment was also due to the imposition of higher tariffs on US pipelines and the widening gap between US crude and Brent to $ 4.50 a barrel. Oil prices fell following OPEC and other producers' agreement to extend production cuts and prices are now supported by expectations of a drop in US stocks. "Of course, the risk remains, and we see that it tends to rise in 2018 as a result of fears of excessive scarcity, both as a result of delays or a demand higher than our optimistic expectations, or OPEC leaving stocks falling rapidly." |
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