Oil edges lower ahead of Fed meeting

Goldman Sachs cuts oil price expectations again on ahead of a Federal Reserve meeting as investors concern about China’s fuel demand growth and rising Russian crude supply weighed on the market.

Brent crude futures fell 29 cents, or 0.4 percent, to $74.50 a barrel by 0058 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.93 a barrel, down 24 cents, or 0.3 percent.

Goldman Sachs lowers its oil price forecast for the third time in the last six months, as the price per barrel of Brent crude was likely to reach $100, this for some reasons, including increased supplies from countries facing sanctions such as Russia, Iran and Venezuela.

It is worth mentioning that the OPEC Plus also decided to extend the voluntary cut in production until the end of 2024 instead of the end of 2023 in an effort to support oil prices.