cheap longchamp uk Crude oil may slide to

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20 11月 2015 in 长青藤古茶庄

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Crude oil may slide to

crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62.

"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note entitled "Lower for even longer".

Citing "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels . EDT (1554 GMT).

The front month in Brent, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.

Both crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude. ET. The data will show for whether oil producers were cutting back on drilling as prices head lower again after a brief rebound in the second quarter.

Crude prices have more than halved over the past year, with Brent tumbling from nearly $120 a barrel in the middle of 2014 to below $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all time highs.

Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.

Germanys Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end 2016.

Investors shrugged off a report from the Paris based International Energy Agency, which advises the worlds biggest economies on energy policy. The IEA said a move by the worlds big oil exporters in OPEC, led by Saudi Arabia, to defend their market share by not reducing production, appeared to be working.

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