{"id":1675446,"date":"2022-10-06T08:11:43","date_gmt":"2022-10-06T12:11:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675446"},"modified":"2022-10-06T08:12:12","modified_gmt":"2022-10-06T12:12:12","slug":"wall-street-boosts-oil-price-forecasts-after-opec-supply-cuts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-boosts-oil-price-forecasts-after-opec-supply-cuts\/","title":{"rendered":"Wall Street Boosts Oil Price Forecasts After OPEC+ Supply Cuts"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwall-street-boosts-oil-price-forecasts-after-opec-supply-cuts%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675446&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Wall Street investment banks have raised their price forecasts for oil after <a href=\"https:\/\/www.theepochtimes.com\/t-opec\">OPEC<\/a>+ moved to slash production by around 2 million barrels per day and squeeze supply in a snub to the Biden administration and its pleas to the cartel to pump more <a href=\"https:\/\/www.theepochtimes.com\/t-crude\">crude<\/a>.<\/p>\n<p>While the White House reacted negatively to OPEC\u2019s decision <a href=\"https:\/\/www.theepochtimes.com\/white-house-accuses-opec-of-aligning-with-russia-as-biden-faces-more-midterm-pressure_4777041.html\">by accusing<\/a> the alliance of \u201caligning with Russia\u201d and calling the move \u201cshortsighted,\u201d Saudi Energy Minister Abdulaziz bin Salman said it was about bringing stability to markets.<\/p>\n<p>Some analysts have said OPEC\u2019s cuts are meant stem the decline in oil prices, which hit about $120 per barrel during spring but have since slumped to roughly $90 per barrel on fears of an economic slowdown.<\/p>\n<p>Wall Street, meanwhile, responded to news of the OPEC cuts by boosting their bets on the price of crude.<\/p>\n<p> \u2018Dramatic\u2019 Shift in <a href=\"https:\/\/www.theepochtimes.com\/t-oil\">Oil<\/a> Balance <\/p>\n<p>The oil team at Goldman Sachs raised their fourth-quarter 2022 Brent crude forecast by $10 to $110 per barrel.<\/p>\n<p>\u201cAll the developments we have seen on the supply side at this point very much sets the stage for what we believe will be higher prices into the end of this year,\u201d Damien Courvalin, head of energy research at Goldman, told Bloomberg TV.<\/p>\n<p>Morgan Stanley analysts said in an Oct. 5 note that they expect Brent prices to hit $100 per barrel \u201cquicker than we estimated before.\u201d The team raised its first-quarter 2023 Brent price forecasts from $95 per barrel to $100, while keeping the outlook unchanged for the subsequent three quarters.<\/p>\n<p>Analysts at ING <a href=\"https:\/\/think.ing.com\/articles\/opec-goes-big\/\">said in a note<\/a>\u00a0on Oct. 6 that OPEC\u2019s announcement \u201cdramatically\u201d shifts the oil balance for the rest of 2022 and all of next year, though this depends on whether the cartel\u2019s members fully comply with the cuts.<\/p>\n<p>While ING previously expected Brent to trade around the<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street investment banks have raised their price forecasts for oil after OPEC+ moved to slash production by around 2 million barrels per day and squeeze supply in a snub to the Biden administration and its pleas to the cartel to pump more crude. While the White House reacted negatively to OPEC\u2019s decision by accusing [\u2026]<\/p>\n","protected":false},"author":118,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1675446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1675446"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1675446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1675446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1675446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}