Crude oil prices plunged Monday as concerns over Chinese demand, a potential U.S. recession and strong Russian crude flows stirred uncertainty in the fossil-fuel market.
Despite Saudi Arabia’s recent pledge a week ago to cut more production in July, Brent crude have continued to fall by 5.5% since Riyadh’s announcement on June 5.
As a result, Goldman Sachs cut its year-end Brent forecast Tuesday to $86/bbl from $95 and its WTI crude outlook to $81/bbl from $89, citing rising supply and waning demand,
Brent crude (CO1:COM)plunged to its lowest settlement since Dec,. 20, 2021, with the front-month contract for August finishing down 3.9% to $71.84/bbl, the lowest close this year.