Goldman Slashes Oil Price Forecast By $10

Just days after OPEC slashed its oil demand forecast as a result of the slowdown in China’s economy due to the Covid-19, moments ago Goldman has doubled down on its bearish oil take and has cut its oil price target by $10 to $53 in Q1 through the end of the year, as a result of what it now estimates is a loss of as much as 4 million barrels per day out of China. In a note from Goldman’s Damien Courvalin, the commodity strategist writes that fundamental uncertainty in the oil market is exceptionally high, adding that “the loss of Chinese and global…