Oil Prices Dive Following Goldman Sachs' Bearish Forecast

Crude oil futures prices plunged on Thursday after Goldman Sachs slashed its forecast on oil prices

NEW YORK, (UrduPoint / Pakistan Point News - 15th Jun, 2023 ):Crude oil futures prices plunged on Thursday after Goldman Sachs slashed its forecast on oil prices.

The West Texas Intermediate (WTI) for July delivery tanked 3.05 U.S. dollars, or 4.35 percent, to settle at 67.12 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery lost 2.95 U.S. dollars, or 3.94 percent, to settle at 71.84 U.S. dollars a barrel on the London ICE Futures Exchange.

Goldman Sachs has cut its forecast on Brent crude oil futures to 86 U.

S. dollars per barrels by December 2023, down from earlier forecast of 95 U.S. dollars per barrel, according to a report by the investment bank issued on Sunday.

Meanwhile, WTI crude oil futures are expected to cost 81 U.S. dollars per barrel by the end of 2023 rather than the earlier forecast of 89 U.S. dollars per barrel.

"WTI oil retreats as traders focus on the revised forecasts from Goldman Sachs," noted Vladimir Zernov, analyst with market information supplier FX Empire.