Goldman ‘significantly’ cuts oil forecasts, but sees a bounce from current levels

Goldman Sachs “significantly” cut its oil price forecasts Tuesday amid fears of slowing economic growth. Still, analysts led by Damien Courvalin said crude will likely bounce off current levels, with oil hovering right around a nine-month low. “We significantly downgrade our oil forecasts due to weakening macro, but remain bullish the forwards as we pivot into the structural, supply side story,” the firm wrote in a note to clients. Courvalin now forecasts Brent averaging $100 per barrel during the fourth quarter, down from a prior target of $125. He sees the contract averaging $105 for the first half of 2023,…