Goldman Sachs Sees Brent Crude Back İn 70-80 Dollars Range End-year

Goldman Sachs analysts said in a note Tuesday that "another supply catalyst beyond Iran would likely be needed for prices to meaningfully break to the upside."

According to the Goldman analysts, led by Damien Courvalin and Jeffrey Currie, production from other OPEC producers and Russia will offset losses out of Iran. Also, any big jump in prices this fall ahead of U.S. elections would likely lead to President Donald Trump authorizing a release from the country's strategic reserves.

"As a result, we expect Brent prices to stabilize back in their $70-80/bbl range into year-end" wrote the analysts. - Istanbul