Goldman Sachs has revised lower its oil price forecast second quarter and third quarter oil to $30 per barrel and has warned its clients about the possibility of dips in prices to operational stress level and well-head costs near $20 per barrel, according to Yahoo finance. Key quotes The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with a significant collapse in oil demand due to the coronavirus. This is the equivalent of a 1Q09 demand shock amid a 2Q15 OPEC production surge for a likely 1Q16 price outcome. This completely changes the outlook for the oil and gas markets, in our view, and brings back the playbook of the New Oil Order, with low-cost producers increasing supply from their spare capacity to force higher-cost producers to reduce output. At press time, Brent is trading at $32.60, the lowest level since February 2016. WTI oil is also trading at four-year lows near $29. Both benchmarks are currently down over 27% on the day. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Indonesian Consumer Confidence worsens to 117.7 in Feb, Rupiah flirts with 5-day low FX Street 3 years Goldman Sachs has revised lower its oil price forecast second quarter and third quarter oil to $30 per barrel and has warned its clients about the possibility of dips in prices to operational stress level and well-head costs near $20 per barrel, according to Yahoo finance. Key quotes The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with a significant collapse in oil demand due to the coronavirus. This is the equivalent of a 1Q09 demand shock amid a 2Q15 OPEC production… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
