Analysts predict declining inventories and a modest deficit
- Oil prices settle higher after 3 consecutive weekly losses
- Analysts at Goldman Sachs predict a modest deficit and declining inventories
- December West Texas Intermediate crude rose $1.09 to settle at $78.26 a barrel
Oil futures settled with a gain on Monday, extending their advance into a third session in a row, after posting losses in each of the last three weeks. Analysts at Goldman Sachs believe that robust demand, slowing U.S. supply growth, and low OPEC supply will lead to a modest deficit in 2024 and declining inventories. December West Texas Intermediate crude rose $1.09 to settle at $78.26 a barrel on the New York Mercantile Exchange.
Factuality Level: 8
Factuality Justification: The article provides factual information about the increase in oil futures and includes a quote from analysts at Goldman Sachs. However, it lacks additional context or information about the factors contributing to the increase in oil prices.
Noise Level: 7
Noise Justification: The article provides some information on the recent performance of oil futures and includes a quote from analysts at Goldman Sachs. However, it lacks scientific rigor, evidence, and actionable insights. It also does not explore the consequences of decisions on those who bear the risks or hold powerful people accountable. The article stays on topic and does not dive into unrelated territories, but it is relatively short and does not provide a thoughtful analysis of long-term trends or possibilities.
Financial Relevance: Yes
Financial Markets Impacted: Oil markets
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the recent gains in oil futures and provides analysis from Goldman Sachs on the factors contributing to a potential deficit in 2024. However, there is no mention of any extreme events or their impact.
Public Companies: Goldman Sachs (GS)
Key People:
Reported publicly:
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