Goldman Sachs has reiterated its $80 price forecast for Brent crude despite reports that Saudi Arabia and the United Arab Emirates had reached a deal on oil production that will extend the OPEC+ deal until the end of next year. Crude oil fell after the news of the Saudi-Emirati agreement broke as the uncertainty surrounding the future of the OPEC+ deal and OPEC itself disappeared.
Yet, the agreement will mean more UAE oil coming to the market. It also means further pressure from the Emirates to boost production in the future. However, later on…Goldman Bullish On Oil Despite Saudi-UAE Agreement
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