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Institution: The oil market remains bullish, reiterating the $90/b target for Brent crude

 Last Update: 2023-03-25
 Source: Internet
 Author: User

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Goldman Sachs analysts Callum Bruce and Damien Courvalin, among others, said in an Oct.
29 report that the recent weakness in oil prices is only a short-term correction in a bull market, reiterating that Brent crude will reach its $90/b target
by the end of the year.
The sell-off was mainly caused by Iran's possible return to nuclear talks, exacerbated by lower coal and European gas prices, but oil market fundamentals have not changed
.
Spot prices
were further supported by an unexpected rise in oil demand and a slow pace of production increases by OPEC and shale producers, leading to a gap of 2.
5 million b/d in the oil market for the second straight month, with inventories likely to fall to their lowest level since 2013 in the coming months.

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