Marina Lubimova
The bank also upgraded its 2027 estimates but lowered its projections for 2028.
Updated Oil Price Forecasts
| Period | Benchmark | Previous | Revised | Change |
| Q4 2026 | Brent | $95 | $108 | +13.7% |
| Q4 2026 | WTI | $85 | $96 | +12.9% |
| Q1 2027 | Brent | — | $98 | — |
| Q1 2027 | WTI | — | $87 | — |
| 2027 average | Brent | $80 | $88 | +10.0% |
| 2027 average | WTI | $73 | $78 | +6.8% |
| 2028 average | Brent | — | $73 | — |
| 2028 average | WTI | — | $66 | — |
Prices in USD per barrel. Previous 2028 estimates and Q1 2027 estimates were not specified in the original report.
Related article
U.S. crude oil futures settled 1.81% lower at $101.79 per barrel, down $1.87 from the previous settlement of about $103.66.
Key Forecast Changes
- Q4 2026: Brent upgraded by $13/bbl; WTI by $11/bbl.
- Q1 2027: Brent projected at $98/bbl and WTI at $87/bbl.
- 2027 annual average: Brent raised by $8/bbl; WTI by $5/bbl.
- 2028: Brent forecast reduced to $73/bbl and WTI to $66/bbl.
Market Implications
The revised forecasts indicate higher expected oil prices through 2027, followed by a decline in 2028.
The projected Brent-WTI spread is $12/bbl in Q4 2026, $11/bbl in Q1 2027, $10/bbl for 2027 on average, and $7/bbl in 2028.
Key takeaway: Goldman Sachs expects Brent to reach $108 in Q4 2026 before declining to an annual average of $88 in 2027 and $73 in 2028.
Marina Lubimova
