Goldman Sachs says oil prices could fall to $30s

New Delhi: US investment bank Goldman Sachs has slashed its short-term forecast for crude oil and expects it to fall to around $30 per barrel mark.Analysts at Goldman Sachs cut their three-month forecasts for Brent
goldman sachs says oil prices could fall to 30s -...
India TV Business Desk January 12, 2015 18:07 IST

New Delhi: US investment bank Goldman Sachs has slashed its short-term forecast for crude oil and expects it to fall to around $30 per barrel mark.

Analysts at Goldman Sachs cut their three-month forecasts for Brent to $42 a barrel from $80 a barrel and for the U.S. West Texas Intermediate contract to $41 a barrel from $70 a barrel. The bank believes that the prices could come down further to $30s a barrel before any rebound.

The bank warned that prices would have to remain close to $40 per barrel for some time in order to shut down a significant number of shale oil wells in the US, which Opec and Saudi Arabia see as a threat to their market share.

Both Brent and U.S. crude are around their lowest since April 2009 and have fallen for seven straight weeks on a growing supply glut.

Related Tags: Goldman Sachscrude oil
 
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