Goldman Slashes 3-Month Oil Price Forecast By $8.50

OilPrice.com ------- Goldman Sachs is slashing its three-month price forecast for WTI to US $47.50 a barrel from US$55, seeing output gains in Libya and Nigeria as jeopardizing OPEC’s efforts to reduce global inventories, so the cartel may have to cut deeper in order to prop oil prices. “This threatens to close the window of time for stocks to normalize before OPEC cuts end and raises the concerns that OPEC will then ramp up production to defend market share,” Goldman analysts Damien Courvalin and Jeff Currie said in a report, as quoted by Bloomberg. Just a week ago, another team of Goldman analysts, the bank’s European energy team, thinks otherwise, saying that the selloff in energy stocks is but an opportunity for buyers, and that current low prices are likely unsustainable in the long run. To learn more click on the picture below to read the article.