US merchant bank Goldman Sachs expects volatile oil prices in the short-term on the back of uncertainty over possible disruptions to supply, with benchmark Brent crude in a $70-$80-barrel range.
Oil prices have declined sharply the past week as the Sino-US trade war intensifies and were hovering below $72-barrel on Tuesday, not far from their lowest since mid-April.
“Production disruptions and large supply shifts driven by US political decisions are the drivers of this new fundamental volatility, with demand remaining robust so far,” the bank said in a market briefing note.
18 Jul 2018
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