Goldman Sachs, Bank of America predict drop in oil prices

Source : 112 Ukraine

The forecast is set for the second and third quarters of 2020
11:59, 10 March 2020


Goldman Sachs analysts have lowered Brent's oil price forecast to $ 30 a barrel in the second and third quarters of the year from the previously anticipated $ 47 and $ 53 a barrel amid the start of the oil price war.

It is also reported that the WTI price forecast for the second quarter was lowered from $ 42.5 to $ 29 per barrel, from $ 48.5 to $ 28 per barrel - in the third quarter, Interfax-Ukraine reports.

Related: Value of Eurobonds and GDP warrants falls sharply in Ukraine

"The forecast for the oil market is even gloomier than in November 2014, when the price war began last time, as this time it has coincided with a marked decline in demand for oil caused by the coronavirus outbreak," analysts said.

It is worth noting that as of 9:45 a.m. March 9, the price of a barrel of Brent oil was $ 33.92

As we reported earlier, the recent collapse in oil prices and the coronavirus epidemic have led to a sharp fall in the value of GDP warrants in Ukraine - by 9.2% and a rise in the yield of Eurobonds only by 1.1%. The relevant information was provided by Interfax-Ukraine. 

On March 7, Riyadh reduced the price of oil that it sells to foreign markets by a maximum in the last 20 years: this was an attempt to induce oil refineries in Europe.

Related: Oil prices decrease by 30%




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