Oil gains amid geopolitical risks, supply outlook
Oil rose in early trade as markets weighed rising geopolitical tensions against forecasts of oversupply. Trump warned of major sanctions on Russia and urged allies to impose steep tariffs on China and India for buying its crude, while Ukraine’s drone strikes on Russian refineries added to risks.
Goldman Sachs expects oil to trend lower next year on strong supply growth but says prices may rebound sooner if inventories peak or OPEC cuts output. The bank now sees Brent in the low $50s and WTI near $50 by end-2026.
Oil rose in early trade as markets weighed rising geopolitical tensions against forecasts of oversupply. Trump warned of major sanctions on Russia and urged allies to impose steep tariffs on China and India for buying its crude, while Ukraine’s drone strikes on Russian refineries added to risks.
Goldman Sachs expects oil to trend lower next year on strong supply growth but says prices may rebound sooner if inventories peak or OPEC cuts output. The bank now sees Brent in the low $50s and WTI near $50 by end-2026.
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