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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