Goldman Sachs lowers oil price forecast due to supply recovery and demand concerns.

Goldman Sachs has lowered its oil price forecast by almost 10% due to increasing supply and slower demand for crude. The investment bank lowered its Brent outlook for December to $86 a barrel, down from $95 a barrel, and revised down its WTI forecast for December from $89 per barrel to $81. This marks Goldman's third downward revision in six months, despite Saudi Arabia's announcement of cutting production by another million barrels per day. Russia's oil production has remained resilient even in the face of Western sanctions, with Deputy Energy Minister Pavel Sorokin in April ascertaining that Moscow's oil production will remain stable until 2025.