Goldman Sachs analysts see changes in oil market

Oil prices are known for their constant volatility. In the past year alone, the price of U.S. crude has experienced significant fluctuations, ranging from $67 to $94 per barrel.

As we look ahead to 2024, the price of oil has seen a 10% increase, reaching $79 per barrel. This rise can be attributed to production cuts from OPEC-plus, which includes Russia, as well as stronger-than-expected global economic growth.

The prices of crude oil directly impact average consumers, as they determine the costs of gasoline and other fuels. According to AAA, the average national price for regular gasoline on May 29th was $3.59 per gallon, nearly the same as the price of $3.58 per gallon a year ago.

The U.S. Energy Information Administration predicts that gas prices will average around $3.70 per gallon from April to September, similar to the prices seen during the same period last year.