Goldman Sachs Slashes Oil Forecast—$60 Barrel Target Spooks Market

Wall Street’s favorite vampire squid strikes again—Goldman Sachs just downgraded crude to ’sell’ with a brutal $60 price target. Their analysts cite weakening demand and a ’supply glut no one’s talking about’ (read: they missed the memo until now).

Meanwhile, energy traders are left scrambling—just another Tuesday in the casino of commodities. Remember when oil was supposed to hedge inflation? So does your underwater portfolio.

Oil Prices on Their Way Down to $60 a Barrel: Goldman Sachs

Following the announcement of the aggressive hike in production, Goldman Sachs wrote that Brent Crude could fall to $60.wrote the bank. Therefore, the energy sector remains at risk this year as the markets are yet to be stabilized.

Goldman Sachs’ strategists wrote in a note. The development indicates that Brent Crude oil prices will touch a low of $60, according to Goldman Sachs.the investment bank’s strategists said.

OPEC+ group’s decision to increase the production capacity of Brent Crude will affect oil prices in 2025, wrote Goldman Sachs. Stepping up output when trade wars and tariffs are ripe is seen as a recipe for disaster. The costs of procuring will go high, leading to losses for refiners and an increase in procurement.