The firm believes OPEC's supply cuts will sustain prices in a range between $80 and $105 in 2024.
Oil prices are looking to edge as high as $100 a barrel, according to Goldman. Nonetheless, the firm believes the economy is still headed toward a soft landing despite the rise in the fuel prices. Goldman raised its 12-month ahead Brent forecast to $100 per barrel from $93,. The commodity has rallied 30% since late June due to OPEC supply cuts and strong demand. Brent touched a high of $95.96 on Tuesday, its highest level since Nov. 2022, before shedding nearly 0.9% at $93.52 Wednesday morning.
"Overall, we believe that OPEC will be able to sustain Brent in an $80-$105 range in 2024 by leveraging robust Asia-centric global demand growth and by exercising its pricing power assertively." The strong OPEC cut means that Brent is unlikely to consistently fall under $80 a barrel next year, Struyven added. He also believes Brent prices are unlikely to sustainably exceed $105 a barrel next year. Higher oil prices have boosted inflation , sparking concerns in the market.
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