Goldman Sachs sees no immediate impact on oil inventories from Israel attacks

Monday, 9 October 2023
Goldman Sachs has stated that the recent attacks in Israel will not have an immediate major impact on oil market inventories. However, the attacks could reduce the likelihood of improved relations between Israel and Saudi Arabia, which could have led to increased Saudi production. The conflict has caused oil prices to rise due to fears of a wider conflict in the Middle East. Goldman Sachs predicts that Brent crude will reach $100 by June 2024, but acknowledges that there has been no impact on global oil production yet. Morgan Stanley and Barclays also commented on the situation, stating that the near-term risk to oil supply is currently limited.

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Video Credit: Rumble - Published on October 10, 2023

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