Goldman Sachs slashes its oil price target as banking fiasco boosts recession fears

• Goldman Sachs slashed its oil price forecast because the ongoing banking crisis is boosting fears of a recession.
• Analysts now expect oil to trade at $94 per barrel by the end of the year, down from a prior forecast of $100.
• Oil prices have plunged 15% since Silicon Valley Bank collapsed earlier this month.

Goldman Sachs cut its oil price forecast, saying the collapse of Silicon Valley Bank earlier this month sparked an ongoing banking crisis that is raising the rising risk of a recession.