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Goldman Sachs Sees Brent Oil Prices Nearing Summer Peak
Jun 27, 2024 7:05 AM - Parth Sanghvi
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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