Brent fell for a second day as Goldman Sachs Group Inc. cut its crude price forecasts, predicting supply growth from non-OPEC producers will outpace global demand. West Texas Intermediate was steady in New York.
Futures dropped as much as 0.5 percent in London, extending losses after a fifth weekly decline. Accelerating output from producers outside of North America including Brazil and Azerbaijan will result in an oversupply in 2015, Goldman Sachs said. The Organization of Petroleum Exporting Countries, scheduled to meet in Vienna next month, should let the market balance itself instead of trying to intervene, according to Hasan Qabazard, a former head of the group’s research division.
“Oil prices may decline further until we get some comments from OPEC that they will cut production,” Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said by phone today. Supply is increasing faster than demand, he said.
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