Market Reviews

The giant changes the course of black gold



As expected, Saudi Arabia followed Russia and its decision to voluntarily cut oil production. The first reaction of the market to such changes was the rise of quotations above $90 per barrel. As a rule, in a not very stable world economy, such demand for news quickly fades away. But when a giant like Goldman Sachs, one of the largest investment banks in the world and famous for making accurate predictions for its clients, changes course, it’s worth paying attention. They said that due to the reduction in oil production, the forecast for the oil price will be adjusted upward. The next target for oil is $100 per barrel. Well, we are waiting, gentlemen!