Oil prices fell more than 2 percent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Oil costs fell after Goldman Sachs cut its rough estimates, refering to worldwide over-supply and worries over the strength of the Chinese economy, and after Saudi Arabia released the thought of an oil maker summit.
Joining a not insignificant rundown of banks cutting their value figures, Goldman Sachs on Friday diminished its 2015 US unrefined petroleum gauge to USD 48.10 a barrel, down from USD 52. The bank brought down its 2016 conjecture for US unrefined to USD 45 from USD 57.
Goldman cut its 2015 Brent value figure to USD 53.70 a barrel from USD 58.20, and said it saw 2016 Brent costs at USD 49.50, down from its prior USD 62 conjecture. Brent for October was down USD 1.00 at USD 47.89 a barrel by 0830 GMT. US unrefined, otherwise called West Texas Intermediate or WTI, was down USD 1.05 pennies at USD 44.87 a barrel.
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Source: moneycontrol.com
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