Rise in global oil markets: Brent crude price exceeds 107 dollars
In international markets, the barrel price of Brent crude rose by over 2 percent to exceed 107 dollars, while Goldman Sachs revised its December forecast.
Amid activity in global oil markets, the barrel price of Brent crude rose to 107.16 dollars. Following this development, Goldman Sachs revised its December price forecast upward, citing supply risks originating from the Middle East.
Rise in Oil Prices
Global oil prices gained more than two percent, causing notable activity in the markets. The barrel price of Brent crude surpassed the 107-dollar threshold for the first time since the sixteenth day.
Futures Data
According to trading data, the December futures price of Brent crude increased by 2.33 percent compared to the previous close, reaching 107.16 dollars. November futures for US benchmark WTI also rose by 2.21 percent.
Goldman Sachs Forecast
Taking into account supply risks in the Middle East and the possibility of escalating conflicts, Goldman Sachs raised its December price forecast for Brent crude from 85 dollars to 90 dollars.
Geopolitical Risk Premium
Bank analysts calculated that the risk premium reflected in oil prices due to geopolitical developments stands at just over twenty dollars per barrel.
WTI Price Expectations
Stating that WTI crude is priced unusually low due to high shipping costs between the US and Europe, Goldman Sachs projected an average of eighty-one dollars for December.