Goldman Sachs Bearish on Oil Prices: Predicts Fall to $60 a Barrel
Leading global investment bank Goldman Sachs has trimmed its oil price forecast, indicating that Brent Crude will fall to $60. The bank had previously stated that the prices of oil could fall to $63, but they have now gone down further. The forecast comes on a higher OPEC supply assumption from July this year. Also Read: Ripple: Forecast Suggests XRP Could Plunge Nearly 50% After the Goldman Sachs prediction was made public, Brent Crude oil prices were already trading at the $61.50 range. It briefly touched a low of $60.21 on Monday but went up to $61.50 on Tuesday. In a recent OPEC+ producers meeting led by Saudi Arabia and Russia, the two concluded to increase production capacity by 411,000 barrels per day (bpd). Also Read: Shiba Inu Rose 91,000,000% Last Bull Run: Can It Surge the Same Again? Oil Prices on Their Way Down to $60 a Barrel: Goldman Sachs Source: Shutterstock Following the announcement of the aggressive hike in production, Goldman Sachs wrote that Brent Crude could fall...