crude oil price: Goldman raises 2020 oil price view on OPEC-led inventory tightness, Auto News, ET Auto
Oil producers led by Saudi Arabia and Russia, agreed on Thursday to cut output by an extra 500,000 barrels per day (bpd) in the first quarter of 2020 but stopped short of pledging action beyond March. Goldman Sachs raised its oil price forecasts for 2020, citing tighter-than-expected inventories after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to deepen oil output cuts through the first quarter of next year. The bank revised its Brent spot price forecast to $63 per barrel for 2020, up from a previous estimate of $60, while it also increased West Texas Intermediate (WTI) spot price outlook to $58.5 per barrel from $55.5. Brent futures were down 0.3 per cent at $64.19 per barrel, as of 0632 GMT, having risen sharply last week after OPEC and its allies agreed to deepen output cuts.