Goldman Sachs Warns Rising Tanker Costs Could Lift Oil Prices

Higher tanker costs are adding pressure to crude prices even as Gulf exports recover, and Goldman Sachs says persistently expensive freight could put Brent above its current forecast. In an Oct. 20 commodities note, Goldman Sachs put the average global crude freight rate above $20 per barrel, compared with $3 a year earlier. Rates on Middle Eastern routes topped $35 per barrel. The bank’s warning describes a risk to its outlook, not a revised price target.

Source: TokenPost