Goldman Sachs has raised its Q4 2026 oil price targets for Brent crude to $60 and WTI to $56, an increase of $6 for both, primarily due to lower-than-expected OECD inventory builds. Despite the increased price forecasts, the bank maintains its projection of a 2.3 million bpd global surplus for 2026, assuming no major supply disruptions. Downside risks include potential sanctions relief for Iran or Russia, while 2027 forecasts anticipate Brent at $65 and WTI at $61 per barrel on average.
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Goldman Sachs has raised its Q4 2026 oil price targets for Brent crude to $60 and WTI to $56, an increase of $6 for both, primarily due to lower-than-expected OECD inventory builds. Despite the increased price forecasts, the bank maintains its projection of a 2.3 million bpd global surplus for 2026, assuming no major supply disruptions. Downside risks include potential sanctions relief for Iran or Russia, while 2027 forecasts anticipate Brent at $65 and WTI at $61 per barrel on average.