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2022-02-28 05:43
"Goldman" expects oil to rise to 115 dollars within a month
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2022-02-28 05:43
Shafaq News/ Goldman Sachs Bank expected, today, Monday, that oil prices will rise to 115 dollars within one month, considering that the prices of basic commodities produced by Russia will also rise as the West escalates political and economic sanctions against Moscow due to its invasion of Ukraine.
"The range of near-term price outcomes for commodities has become extreme, given concern of further military escalation, energy sanctions or the prospect of a ceasefire," the bank said in a note to clients.
Russia's political and economic isolation deepened on Monday as its forces faced stiff resistance in the Ukrainian capital and other cities in the biggest attack on a European country since World War Two.
Moreover, the bank expected "a rise in prices of consumer goods of which Russia is a major producer, and this includes European oil and gas (hence aluminum), palladium, nickel, wheat and corn."
The bank raised its one-month forecast for Brent crude oil to $115 a barrel from $95 a barrel previously, with "significant upside risks due to further escalation or longer disruption."
On Monday, Brent crude futures rose above the key $100 a barrel as the Ukraine crisis worsened, while U.S. West Texas Intermediate crude futures approached $96 a barrel.
“The recent escalation with Russia creates inflationary risks accompanied by clear stagflation on the broader economy, driven by higher energy prices, which reinforces our conviction that gold prices will rise in the coming months and our target price of $2,150 an ounce,” Goldman said.
On Monday, spot gold was trading at over $1,900 an ounce.
Goldman Sachs is an American multinational financial and investment services institution, one of the most famous banking institutions in the United States and the world, headquartered in New York City.
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"The range of near-term price outcomes for commodities has become extreme, given concern of further military escalation, energy sanctions or the prospect of a ceasefire," the bank said in a note to clients.
Russia's political and economic isolation deepened on Monday as its forces faced stiff resistance in the Ukrainian capital and other cities in the biggest attack on a European country since World War Two.
Moreover, the bank expected "a rise in prices of consumer goods of which Russia is a major producer, and this includes European oil and gas (hence aluminum), palladium, nickel, wheat and corn."
The bank raised its one-month forecast for Brent crude oil to $115 a barrel from $95 a barrel previously, with "significant upside risks due to further escalation or longer disruption."
On Monday, Brent crude futures rose above the key $100 a barrel as the Ukraine crisis worsened, while U.S. West Texas Intermediate crude futures approached $96 a barrel.
“The recent escalation with Russia creates inflationary risks accompanied by clear stagflation on the broader economy, driven by higher energy prices, which reinforces our conviction that gold prices will rise in the coming months and our target price of $2,150 an ounce,” Goldman said.
On Monday, spot gold was trading at over $1,900 an ounce.
Goldman Sachs is an American multinational financial and investment services institution, one of the most famous banking institutions in the United States and the world, headquartered in New York City.
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