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Home / Business / The oil rally can send Brent prices over $ 70 despite a cooling economy

The oil rally can send Brent prices over $ 70 despite a cooling economy



Rising crude prices, which affected a highest 2019 on Friday, cannot be made yet.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt With the global oil markets still grabbing the loss of supply from crisis stocks Venezuela and cutting production from major international crude producers, Goldman Sachs said on Friday Brent crude ( BZ = F ) could rise above $ 70 in the short term, reinforced by resilient global demand and "1

9459006" loss of production from Libya another episode of civil war. "Data Reaktid =" 16 "> With global oil markets still interfering with the loss of supply from crisis Venezuela and cutting production from major international crude producers, Goldman Sachs said on Friday that Brent crude (BZ = F) could rally over $ 70 short-term strengthened by the resilient global demand and loss of production from Libya, another epicenter of civil war.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Libyan oil production on average just under a million barrels per day in 2018 dropped sharply from pre-war levels of around 1.6 million. " data-response time = "17"> Libya's oil production averaged just under one million barrels a day in 2018, sharply down from the pre-war levels of around 1.6 million.

"The supply loss surpasses our expectations, demand changer beats low consensus expectations with technical support and net long positioning still depressed," Goldman analysts wrote.

"On the supply side, production losses beginning in 2019 remain large with core OPEC manufacturers adopting a shock and awe strategy and exceeding their

Brent crude could beat new 2019 numbers, says Goldman Sachs analysts.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "If Goldman's rating is accurate, rising oil prices may spur a [nbsp; jump in gaso line prices as AAA recently said, has already edged higher during the spring driving season. Meanwhile, Reuters sources reported that OPEC manufacturers and their partners are expected to expand their cuts to oil supplies when they meet in June, a decision likely to keep prices high. "Data Reaction =" 31 "> If Goldman's rating is correct, oil prices are likely to spur a jump in petrol prices, as AAA recently said, has already edged higher during the spring's driving season. Partners are expected to expand their cuts to oil supply when they meet in June, a decision that is likely to raise prices.

Energy markets are hit by a number of economic crossings, the potential increase in energy prices adding to a layer of uncertainty in a global economy who have shown clear signs of moderation, with recession begin to percolate.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Last month, the International Energy Agency forecast that requires it is the year will slow down to a crawl. "Slow economic growth will … narrow upward," wrote the agency in its annual report . "Data-React =" 33 "> Last year, the International Energy Agency estimates that demand this year would slow down to a review." Slow economic growth will … limit upward, "wrote the agency in the annual report.

However, some market participants estimate a volatile increase in global demand that may be due to a potential solution to the US-China trade war.

"Going forward, more concrete signs of a US-China trade agreement would provide a temporary boost to commodity prices," Capital Economics wrote in a research note for customers.

The firm sees prices increase as high as $ 65 at the end of the first quarter, before falling as low as $ 50 at the turn of the year.

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – -sm Mt (0.8em) – sm "type =" text "content =" Javier David is the editor of Yahoo Finance. Read more: "data-reactid =" 37 "> Javier David is the editor of Yahoo Finance Read more:

<p class =" canvas-text (0) – sm Mt (0.8em) – sm "type =" text "content =" Follow Javier on Twitter: @TeflonGeek "data-reactid =" 43 "> Follow Javier on Twitter: @TeflonGeek [19659014]


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