Goldman Sachs on oil – lower prices sooner

Quick piece from GS on oil markets, in brief (the post headline is the real in brief):

GS cite:
  • escalating trade wars 
  • weaker activity indicators
Which have ‘fast-forwarded’ price falls the bank had projected for Q3 (65.50/bbl)
GS forecast:
  • prices to likely remain around our 3Q forecasts and current levels
  • still high price volatility
  • global economic outlook in increasingly uncertain
On supply:
  • rising US production
  • large core-OPEC spare capacity