Goldman Sachs Changes Oil Price View; UBS, BofA Say Prices Oversold, Buffett Buys More Occidental

As oil prices declined, Warren Buffett made another move, increasing his stake in Occidental Petroleum. Documents disclosed by the SEC show that from June 5-7, Buffett's Berkshire Hathaway purchased 2.5655 million shares of Occidental, costing about $153 million.

Goldman Sachs now predicts a significant supply shortfall of 1.3 million barrels per day in the oil market due to summer transport and air conditioning demand, with Brent potentially rising to $86 per barrel in Q3. If needed to stabilize the market, OPEC+ could delay, pause, or cancel its production increase plans. A week ago, Goldman expected OPEC+'s June meeting to negatively impact the oil market, predicting Brent might fall below the $75-$90 range.