Goldman Sachs: Oil Prices Won’t Hit $100 Until December

Goldman Sachs still expects Brent Crude prices to hit $100 per barrel this year, but only in December compared to earlier expectations of $100 oil as soon as mid-2023, the bank said in a new note in which it cut its average Brent price to $92 a barrel this year from $98. Despite the cut in oil price forecasts, Goldman Sachs is still one of the most bullish Wall Street banks on crude oil and commodities in general. Goldman continues to believe that there is a new supercycle in the making. However, higher expected supply from Russia and the United…