Following Morgan Stanley's lead, Goldman Sachs has also lowered its oil price forecast.

Due to concerns about demand outlook, Goldman Sachs has reduced its Brent crude price forecast range by $5 per barrel to $70-85. Similarly, Morgan Stanley has lowered its Q4 Brent crude price estimate by $5 to $80 per barrel and has revised down its global demand growth forecast from 1.2 million barrels per day to 1.1 million barrels per day.

Jeff Currie, a former renowned commodity analyst at Goldman Sachs, noted that arbitrage funds are likely to return to the oil market, increasing the risk of oil prices rising. He suggested that a "yen-style" carry trade could potentially be repeated in the oil market.