According to the Zhitong Finance APP, Goldman Sachs released a research report stating that Brent crude oil prices hit a new low for the year on Tuesday (3rd), as the market is concerned about the possibility of faster recovery of Libyan oil production, disappointing US ISM manufacturing survey, and the performance of China's manufacturing PMI data, which reflect a slowdown in the commodity, stock, and bond markets.

As expected by the bank, OPEC+ seems to be gradually lifting production cuts in October, which is consistent with the bank's earlier prediction that the market may shift its focus from balancing OPEC-supported spot balances to focusing on strategically restricting non-OPEC supply.

The report states that due to the strong production of Iran and Russia, Goldman Sachs predicts continued weak demand for PetroChina, and last week the bank tracked a net increase in oil supply of 0.3 million barrels per day, with the bank indicating that China's oil demand decreased by 0.1 million barrels per day on a weekly basis. The bank's supply model indicates that non-OPEC crude oil supply growth this year has an upward risk, especially in Canada. In conclusion, the strong oil supply and the continued weak demand in China reinforce the bank's view that Brent crude oil prices face downward risks in the range of $70 to $85 per barrel.