Goldman Sachs: Why Oil Prices not Rising? Spot Prices to Rebound in H2 2023

Goldman Sachs believes that the stagnation of oil prices is affected by the volatility in the spot market on the one hand, and on the other hand, it will take some time for the effects of future impact to appear.

However, despite the current volatility in oil prices, institutions including Goldman Sachs, Forbes and Refinitiv all expect oil prices to rebound in the second half of this year.

Goldman Sachs believes that the improvement in economic growth prospects may gradually seep into spot crude oil prices, which are estimated to reach $100 a barrel by the end of this year.

Forbes also said in an article this week that historical data shows that oil prices tend to rise for most of the period from March to May, so technical data suggests that oil prices will move higher.