Goldman Sachs lowered its oil price forecast

Damien Kurvalin, head of energy research and senior commodities strategist at Goldman Sachs, lowered the bank's forecasts for oil prices, despite the fact that the market remains "critically limited" with supply.

Crude oil prices have fallen by more than 35% since mid-June amid growing doubts about economic growth. In addition, a strong dollar is also having a negative impact on oil prices, as the dollar index (DXY) is at a 20-year high.

Despite the reduction in the forecast for 2023 by an average of $ 17.5 per barrel, Kurvalen remains optimistic about oil prices.

"The bullish supply set-up — due to lack of investment, low spare capacity and inventory - has only intensified, inevitably requiring even higher prices," he told clients.

In turn, JPMorgan explained to clients that it still expects oil prices to return to $100/bbl. in the fourth quarter, despite growing concerns about growth.