Oil to fall sooner on escalating trade wars – Goldman Sachs

Analysts at Goldman Sachs offer their bearish out on oil prices, in the wake of escalating trade wars.

Key Quotes:

“Sees lower oil prices sooner due to escalating trade wars and weaker activity indicators.”

“Prices to likely remain around our 3Q forecasts and current levels.”

“Still high price volatility.”

“Global economic outlook in increasingly uncertain.”

On supply, Goldman Sachs said that rising US production and large core-OPEC spare capacity could add to the downside in the prices.