Goldman Adjusts Crude Forecast Down On Delta Surge

As oil prices dropped on the shock of a surge in Delta variant around the globe, Goldman Sachs has reduced its forecast for Brent crude in the third quarter by $5, to $75 per barrel. Oil prices had fallen by $5 per barrel on Monday on a surge in the prevalence of new Delta variant coronavirus cases at a time when OPEC+ agreed to ramp up production by 400,000 bpd starting in August and another 400,000 bpd in every month thereafter until the production cut is entirely wound down. The fear is that a resurgence of coronavirus cases could trigger more…