Gate News reports that on March 13, Goldman Sachs released a crude oil price forecast report. The report states that Brent crude oil (the international benchmark) is expected to average over $100 per barrel in March, $85 per barrel in April, and will gradually decline to the lower end of the $70 per barrel range later this year.
Goldman Sachs indicated that the release of global strategic petroleum reserves is expected to prompt stronger policy responses, which will nearly halve the impact on commercial crude oil inventories in the short term.
Additionally, Goldman Sachs pointed out that if the Strait of Hormuz remains disrupted for two months, the forecast for Brent crude oil’s average price in the fourth quarter would be raised from $71 per barrel to $93 per barrel.
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