Goldman Sachs cuts its oil-price forecasts on assumptions of higher OPEC+ supply, three Commodities Research team members say in a report. OPEC+ decided Saturday to increase June production by 411,000 bbl/day, in line with Goldman's base case. Goldman now expects a final OPEC+ production increase of 410,000 bbl/day in July versus 140,000 bbl/day projected previously. It forecasts Brent crude oil to average $60/bbl for the remainder of 2025 and $56/bbl for 2026 versus earlier expectations of $63/bbl and $58/bbl, respectively. Goldman projects WTI to average $56/bbl for the rest of 2025 and $52/bbl for 2026 versus previous forecasts of $59/bbl and $55/bbl, respectively. Front-month Brent crude oil futures fall 3.5% to $59.13/bbl; front-month WTI crude oil futures drop 3.8% to $56.05/bbl
WDS Price at posting:
$19.84 Sentiment: Buy Disclosure: Held
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