1516 ET - Goldman Sachs still expects "a significant hit from tariffs to U.S. real income, global GDP, and global oil demand," although recent U.S. deals lowering tariffs adds $3 to $4 a barrel of upside risk to its forecasts for Brent--at $60 this year and $56 in 2026--and WTI, at $56 and $52 a barrel. Lower risk of recession has reduced the probability of very low oil prices, "although solid supply growth outside U.S. shale may still push prices significantly lower," Goldman analysts say in a note. "While the fundamental impact of the U.S. president on oil prices via supply policies is uncertain and limited in our base case, President Trump's inferred preference for relatively low oil prices directionally supports our view that oil prices are likely to edge lower in 2025-2026." (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 13, 2025 15:16 ET (19:16 GMT)
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