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oil market risks shift downward as supply increases and demand slows

Goldman Sachs has revised its Brent Crude price forecast down by $5 to a range of $65-80, citing medium-term risks skewed to the downside due to tariff wars and increased OPEC+ supply. The bank anticipates a surplus in the oil market this year, with a projected 200,000-bpd excess, as demand growth lags behind supply. Meanwhile, HSBC echoes these concerns, predicting a surplus in the coming years as supply growth outpaces demand.
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