Oil prices fall as Goldman Sachs raises December Brent crude forecast to $105

Global crude oil prices eased on Monday, even as Goldman Sachs raised its December Brent crude price forecast.

A market survey by DAILY POST showed that Brent and West Texas Intermediate, WTI, crude benchmarks dropped to $108.90 and $99.73 per barrel, respectively, at the time of reporting.

This means that both crude oil benchmarks declined by 3.99 per cent and 4.22 per cent, respectively, from over $113 and $103 per barrel recorded at the weekend.

DAILY POST reports that crude oil prices have continued to fluctuate amid developments in the Gulf region involving Iran, the United States and Israel, following several months of conflict.

Amid crude oil price volatility resulting from the Middle East conflict, particularly tensions surrounding the Strait of Hormuz, Goldman Sachs raised its Brent crude price forecast for December 2026 to $105 per barrel from its previous projection of $90 per barrel.

DAILY POST reports that the conflict in the Gulf region has affected the economies of several countries, including Nigeria.

Domestic fuel prices have also continued to fluctuate amid developments in the global oil market and the impact of Dangote Refinery, Africa's largest refinery.

Currently, Nigerians buy petrol at prices ranging between N1,370 and N1,429 per litre at filling stations in Abuja and its environs.

Oil prices fall as Goldman Sachs raises December Brent crude forecast to $105