Brent oil is likely to stabilize in $70-$80 per barrel range into year-end - Goldman Sachs

The analysts at Goldman Sachs expect the OPEC producers and Russia to compensate for the drop in Iranian oil supplies and hence see Brent oil stabilizing in the range of $70 to $80 per barrel into year-end.

The investment bank is not pessimistic on oil prices and is maintaining its "overweight" outlook on black gold and commodities, according to oilprice.com.