In order to resolve expectations of weaker demand and a stronger dollar, Goldman Sachs on Tuesday, September 27, reduced its oil price forecast for 2023.

Despite a global oil market deficit in the fourth quarter of 2022 and into 2023, Goldman's commodity analysis division lowered its forecast for next year by an average of $17.5 per barrel. Goldman Sachs said the current global supply problems reinforce its long-term bullish outlook.

Oil price forecasts of $19 a barrel on average for the period Q4 2022 to Q4 2023 were revised down by bank and global demand was seen rising in 2023 by 2 million barrels per day (bpd) at current prices, up from a previous projection of 2.5 million.

Also, with WTI trading at $78.56 a barrel, gaining 2.41%, crude oil closed Tuesday's session with gains, while Brent gained 2.70% and closed the session at $86.33.