Goldman Sachs has slashed its 2015 oil price forecasts, making it the most bearish among major financial institutions, following a near 25 percent fall in crude prices over the past five months.
The U.S. investment bank said rising output will outstrip demand – with its forecast weighing further on benchmark Brent crude prices – as forecasters generally pare back estimates for oil due to global growth, a strengthening dollar and ample supplies.
Goldman analysts said in a report released late on Sunday that it expects U.S. benchmark West Texas Intermediate (WTI)crude to fall to $75 a barrel and Brent to $85 a barrel in the first quarter of 2015, both down $15 a barrel from its previous forecast.
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