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11 Sep 2015
Oil drops as Goldman report outweighs IEA forecasts
FXStreet (Mumbai) - Oil prices dropped more than 2% as bearish price forecast from the investment bank Goldman Sachs overshadowed the upbeat demand forecast published by the International energy Agency (IEA).
WTI Crude for October delivery dropped 2.35% to trade around USD 44.80/barrel. On the other side, Brent Crude for October delivery also weakened 2.20% to trade around USD 47.80/barrel.
Goldman expressed a possibility of oil prices falling to USD 20/barrel levels, while the IEA raised its global demand forecast to 5-year high. However, markets seem to be running hand in hand with Goldman forecasts at the moment.
Oil prices had rallied on Thursday after government data showed US demand for gasoline over the latest four-week period rose almost 4% from a year earlier.
WTI Crude for October delivery dropped 2.35% to trade around USD 44.80/barrel. On the other side, Brent Crude for October delivery also weakened 2.20% to trade around USD 47.80/barrel.
Goldman expressed a possibility of oil prices falling to USD 20/barrel levels, while the IEA raised its global demand forecast to 5-year high. However, markets seem to be running hand in hand with Goldman forecasts at the moment.
Oil prices had rallied on Thursday after government data showed US demand for gasoline over the latest four-week period rose almost 4% from a year earlier.