• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (Barcelona) - According to the Commodities Research Team at Goldman Sachs, "Brent crude oil prices have traded in an increasingly narrow range, where they are high enough to motivate supply, but not so high as to undermine the global economic recovery."

"With increasing evidence that Brent crude oil prices in the recent trading range have been sufficient to restrain oil demand in line with available supply, and with an improving outlook for non-OPEC supply growth in 2013, we are lowering our Brent crude oil price forecast to $110/bbl in 2013 (from $130/bbl)." they add.

However, "we continue to expect the physical market to remain tight and the Brent forward curve in backwardation. Consequently, we maintain our near-term target at $120/bbl, and continue to recommend a long position in the S&P GSCI Brent total return index, which would benefit from the backwardation." the Team suggests.

Related Forex and Currencies Articles

• 
  Forex - USD/JPY gains as Bernanke says easing could taper this year
  6/19/2013 12:30 PM
• 
  Forex - Dollar gains as Bernanke says easing may end in 2014
  6/19/2013 12:29 PM
• 
  Forex - EUR/USD drops as Fed says downside risks to economy are waning
  6/19/2013 11:29 AM