Wall Street Breakfast
Goldman sees oil sliding into 2026
Apr 14, 2025
Goldman Sachs predicts a significant drop in oil prices through 2026 due to a supply glut. Meanwhile, Sony raises PS5 prices in Europe and other regions amid tariff risks. On a brighter note, tech stocks experience a rebound thanks to exemptions from Trump-era tariffs. Additionally, concerns over a potential recession are impacting market sentiments.
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Quick takeaways
- Goldman Sachs predicts oil prices will drop through 2026 due to a supply surplus and weakened global demand growth.
- The recent tariff exemptions positively impacted major tech stocks, showcasing resilience despite ongoing economic uncertainties and consumer spending risks.
Deep dives
Goldman Sachs Oil Price Forecast
Goldman Sachs anticipates a decline in oil prices through the end of 2025 and into 2026, projecting Brent and WTI oil to average $63 and $59 per barrel, respectively, in 2024. The forecast is influenced by increasing supply from OPEC plus and diminished global oil demand growth due to escalating trade wars, particularly between the U.S. and China. The bank has notably reduced its demand growth forecast for late 2026 by 900,000 barrels per day, reflecting a weak growth outlook. Consequently, substantial surpluses of oil are expected, with predictions of 800,000 barrels per day in 2025 and 1.4 million barrels per day in 2026, which will likely exert downward pressure on oil prices.
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