Goldman Sachs analysts have slashed their oil price forecast by almost 10% on the back of what they see as increasing supply and slower demand for crude. The investment bank lowered its Brent outlook for December to $86 a barrel, down from $95. It revised down its West Texas Intermediate forecast from $89 per barrel to $81. Goldman says Iran and Russia are producing more oil than expected – despite sanctions.
Disruptions at West Coast ports and ongoing labor negotiations have raised concerns about supply chain woes hitting the economy during the peak shipping season. The U.S. Chamber of Commerce is calling on the Biden administration to intervene in the dispute between the ports and union by appointing an independent mediator to help the two sides reach an agreement.
Futures are pointing to a higher open after stocks closed modestly higher on Friday. The Dow Industrials added 43, the Nasdaq rose 20 and the S&P 500 edged up 5.
