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In the view of the Goldman Sachs Analysts, the OPEC’s latest oil output cut news is already more than priced in and therefore, they see a pullback in prices in the near-term.

Key quotes

“And also supporting their view for a near term dip in price:

Very poor refining margins.

The recent sharp decline in US crude bases.

Comfort us in our sequentially bearish outlook.

Expect Brent to drop to $35/ barrel.”

  • WTI to end Q4 2020 at $31/ barrel – UBS


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