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International

Goldman has raised short-term Brent forecast to $50 a barrel on expectations OPEC deal

16:25, Monday, 21 November, 2016
Goldman has raised short-term Brent forecast to $50 a barrel on expectations OPEC deal

Goldman Sachs has raised short-term forecasts for the oil market in connection with the expectations that the members of the Organization of countries-exporters of oil (OPEC) agreed to limit the total production at the meeting on 30 November, according to a survey of analysts of the investment Bank.
     According to experts of Goldman Sachs , Russia may accede to the agreement, OPEC, freezing production at the current level.
     The estimate for Brent for the fourth quarter improved from $43 to $50 per barrel, the first and second quarters of 2017 – up to $56.5 per barrel, respectively $47 and $52 per barrel.
     Forecast the price of WTI for the current quarter increased from us $43 to us $48.5 per barrel in the first half of 2017 – from $47.5 to $55 per barrel.
     The agreement by OPEC will lead to a reduction of commercial oil reserves in the United States and other countries, according to Goldman Sachs.
     In the long term, the fundamental factors influencing the market remain unchanged, the report said. Producers of shale oil, primarily in North America, will reduce the cost of production, and the OPEC States will continue to fight for market share.
     Meanwhile, oil prices rising on Monday on the statements of the representatives of Iran, Iraq and other producing countries on the prospects of signing a cartel agreement to limit production.
     The January futures for Brent crude on London’s ICE Futures exchange at 10:10 kV rose $0.64 to (of 1.37%) to $47,50 per barrel.
     The December contract price of WTI crude oil at auction new York Mercantile exchange (NYMEX) by this time increased to $0.51 in (1.12 percent) to $46.2 per barrel. Bidding this contract ends on Monday. The January futures added to the price of 1.3%, approaching $47 per barrel.

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