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According to a forecast report released on November 24 by ****, due to the severe impact of an oversupply in the market, the price of Brent crude oil, the international benchmark for crude oil, could drop to around $30 per barrel by 2027. ****It is said that since the beginning of this year, the price of Brent crude oil has fallen by 14% in total. In the morning session on November 24, the price remained stable at $62.59 per barrel. Currently, the oil market is closely awaiting news following the resumption of peace talks in Ukraine. Analysts point out that if peace is achieved in Ukraine, some of the sanctions and restrictions imposed on Russia are likely to be eased, which would also put downward pressure on energy prices, causing oil prices to fall below $40 per barrel. However, despite market concerns about an oversupply of crude oil, analysts and major investment banks aside from **** believe that even if OPEC and its allies (OPEC+) along with non-OPEC oil producers in the Americas continue to supply large amounts of oil, driving prices down in the short term, they will not fall below $40 per barrel. Previously, Goldman Sachs predicted that, due to an excessive supply in the market, oil prices would fall further from their current levels next year; the average price of U.S. benchmark crude oil, West Texas Light, could be $53 per barrel by 2026. Daren Struven, co-head of Goldman Sachs’ Global Commodity Research, said the bank expects oil prices to continue falling in the coming year, and advises investors to take short positions in crude oil at present. Goldman Sachs predicts that the average daily surplus of crude oil in the market will reach 2 million barrels by 2026, but it also notes that 2026 will be the last year of this current wave of large-scale crude oil supply disruptions in the market.