Monday, November 21, 2016

Goldman Says Scope for OPEC Deal Makes Oil Short-Term Buy

Goldman Sachs Group Inc. raised its oil-price forecast for early next year, while Russia, Iran and Iraq separately signaled optimism that producer nations will be able to reach a deal to limit output at OPEC’s next meeting on Nov. 30.

Goldman is now "tactically bullish” on the likelihood of an OPEC agreement and expects oil prices in New York to average $55 a barrel during the first half of 2017, up from previous estimates of $45 and $50 for the first and second quarters, analysts including Damien Courvalin said in a research note Monday ....