| Date: |
27-01-2016 |
| Subject: |
Goldman Sachs cuts Brent forecasts for 2016-2018; maintains WTI outlook |
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BENGALURU: Goldman Sachs on Tuesday lowered its Brent crude price forecasts on expectations that the market was entering a phase where low prices would result in fundamental adjustments, led by factors including declining non-OPEC output.
The influential US investment bank lowered its 2016, 2017 and 2018 Brent price forecasts to $45, $62, and $63 per barrel from its previous outlook of $50, $65, and $65 to reflect a tighter Brent-WTI spread.
Goldman maintained its WTI outlook for the same period at $45, $60 and $60 per barrel respectively.
The forecast for a lower Brent-WTI spread reflects declining US oil production, resilient OPEC supply, the lifting of the crude export ban and oversupply of US pipeline infrastructure limiting crude bottlenecks, the bank said in a note.
Source : economictimes.indiatimes.com
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