Goldman Sachs Boosts Oil Price Forecast as OECD Stocks Decline

Goldman Sachs has raised its Q4 oil price forecast, citing lower than expected stocks in the Organisation for Economic Co-operation and Development (OECD) countries. The investment bank now predicts Brent crude will average $60 per barrel and West Texas Intermediate (WTI) will average $56 per barrel in the final quarter of 2026, up from previous forecasts of $54 and $50, respectively. The revised forecast comes as oil prices fell about 1% on Monday, with Brent crude futures trading around $71 per barrel and WTI crude futures at $65.75 per barrel. Goldman Sachs attributes the increase in oil prices to easing geopolitical tensions and rising OECD stocks. The bank maintains its 2026 surplus forecast of 2.3 million barrels per day, assuming no major supply disruption.