Goldman Sachs lifts December 2026 Brent price forecast to $90 a barrel
USO•Goldman Sachs raised its December 2026 Brent forecast to $90 a barrel from $85, citing persistent supply risks. It kept its 2027 average Brent forecast at $80 a barrel.
1. Forecast raised
Goldman Sachs raised its December 2026 Brent crude price forecast to $90 a barrel from $85, citing persistent supply risks that it said are likely to keep near-term oil market premiums elevated. The bank maintained its 2027 average Brent forecast at $80 a barrel and expects WTI to average $81 a barrel in December and $73 in 2027.
2. Supply scenarios
Goldman Sachs said Brent could average around $125 a barrel in 2027 if average Gulf output that year remains 5 million barrels per day below February 2026 levels. Its base case assumes Gulf output is 0.3 million barrels per day below those levels; Brent could fall into the $60s in 2027 if output rises 1 million barrels per day above them.
3. Hedging recommendations
Goldman Sachs said it recommends long summer 2027 European gasoline positions to hedge against oil-price upside risk. For oil producers seeking to hedge downside risk, it recommended put spreads that leave exposure to price gains.
