Goldman Sachs expects slight rise in medium-term oil prices

Goldman Sachs said tariff escalation and high spare capacity skew medium-term risks to oil price forecasts to the downside.

"While we reduced our Brent forecast range by $5 per barrel to $65-80, we expect oil prices to edge up in coming months,” the US-based investment bank said in a note.

The market pricing of volatility and the upside risk from potentially lower sanctioned supply remains too low, it added.

Brent prices recovered slightly from the high $60s to just over $70, given mixed geopolitical developments, but oil markets remain focused on price downside, Goldman Sachs said.