Goldman Sachs raises its oil price outlook for Q2 2017, but warns dollar strength could limit the near-term upside for oil prices. The bank lifted its oil price outlook for the quarter to $57.50/bbl from $55 for WTI, and to $59/bbl from $56.50 for Brent, and foresees little evidence of production cuts until mid to late January, when they will be the catalyst for the next large move in prices. Goldman predicts 84% compliance to the announced collective OPEC and non-OPEC production cuts of 1.6M bbl/day. Oil prices are stable overnight, as evidence increased that Middle East producers were informing customers of upcoming supply cuts.
Goldman Sachs raises its oil price outlook for Q2 2017
