Asia/Pacific News
Brent Crude Could Drop to $68/Bl Next Year: Goldman Sachs
Wednesday August 21, 2024
Brent crude oil prices could drop as low as $68/bl next year on weakening economic growth in China, according to investment bank Goldman Sachs.
The firm expects Brent prices could hit $68/bl by late 2025 if Chinese oil demand remains flat throughout next year, news agency Reuters reported on Tuesday, citing a Goldman research note.
"Soft China oil demand and downside risks to China GDP growth strengthen our view that the risks to our $75-90 Brent range in 2025 skew to the downside," the company said in the note.
ICE Brent futures closed at $77.20/bl on Tuesday, up from $75.57/bl at the start of the year.
