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Oil prices may see $20/barrel: Goldman Sachs

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/09/2015 (10:27)
According to media reports, Goldman Sachs stated that oil prices may fall to as low as $20/barrel amidst oversupplied oil markets stemming from the Organization of Petroleum Exporting Countries’(OPEC’s) decision not to cut production and even to increase output.

The investment bank cut its forecast for West Texas Intermediate (WTI) oil prices to $45/barrel for 2016 from its earlier estimate of $57/barrel reported in May. According to the bank, Brent oil prices could also decline to $49.50/barrel in 2016, down from its previous projection of $62/barrel. The bank added that prices could potentially drop down to $20/barrel if no actions are taken to rebalance the market.
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