Goldman Sachs has cut its oil price forecast by nearly 10% due to increasing supply and slower demand for crude. The bank lowered its Brent outlook for December to $86 a barrel, down from $95 a barrel, and revised down its WTI forecast for December from $89 to $81 per barrel. This marks Goldman's third downward revision in six months, despite Saudi Arabia's announcement that it is cutting production by another million barrels per day. Russia's oil production has remained resilient even in the face of Western sanctions.

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