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Goldman Sachs raises oil price forecast for next two years

The U.S. Goldman Sachs Group Inc. raised its forecast for oil prices for the next two years amid improving the situation on the global oil market due to extension of the OPEC+ agreement and robust demand for fuel.

According to Goldman Sachs forecast, Brent crude oil will cost on average $62 per barrel in 2018 and $59.5 in 2019 against the expected $58 in both years. The new forecast for WTI is $57.5 for the next year and $55 for 2019 versus $55.

Bank experts note that upside risks will prevail in 2018, due to the likelihood of supply disruptions and the chances that demand will grow stronger than forecasts, but in 2019 risks will be more bearish, as the U.S. and other producers can increase the volume of oil production.

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