The investment bank lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of the year.
Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018.Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations' plan to cap Russian oil prices.
"The market is right to be anxious about forward fundamentals, due to significant Covid cases in China and a lack of clarity on the implementation of the G7's price cap," Goldman economists including Jeffrey Currie said in a note, adding that more lockdowns in China would be equivalent to the deepover the weekend, the country's first deaths from the virus since May this year.
China's capital Beijing tightened Covid measures in the last three days as the local case count climbed to several hundred per day. The economists added that the possibility of more lockdowns in the world's top importer of oil will dent demand from it even further. Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in 2018. Crude prices fluctuated in recent months, rising to more than $120 in early June amid growing fears about a global recession, subsequently falling to around $90 per barrel after OPEC+ slashed production."China's Covid cases are at Apr-22 highs, yet, the new policy reaction function is unknown ... we lower our expectations for China demand by 1.
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