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According to analysts at Goldman Sachs, Brent crude oil prices may have reached their peak for the summer, hovering around $86 per barrel. Analyst Viewpoint:

Goldman Sachs Sees Brent Oil Prices Nearing Summer Peak

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Image credit: Akshay Sadarangani

According to analysts at Goldman Sachs, Brent crude oil prices may have reached their peak for the summer, hovering around $86 per barrel.

  • Analyst Viewpoint: Goldman Sachs suggests Brent oil prices have hit their "summer peak."
  • Factors Supporting Prices: Strong U.S.-led summer travel activity and global jet fuel demand are currently supporting the benchmark contract.
  • Geopolitical Tensions: Ongoing geopolitical tensions, such as Israeli strikes on Gaza and Ukrainian attacks on Russian refineries, add a risk premium to oil prices.

Market Movement:

  • Despite a surprise jump in U.S. crude oil stockpiles, oil prices rose slightly on Wednesday.
  • This indicates a balancing act between potential supply increases and continued summer demand.

Remember: This is a snapshot based on Goldman Sachs' analysis. The actual price of oil can be influenced by various unforeseen factors.

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