Goldman cuts WTI, Brent forecast by $15 for 2015

-A +A

TOKYO (Oct 27): Goldman Sachs cuts its price forecast for Brent and West Texas Intermediate by $15 a barrel for the first quarter of 2015 because rising production in non-OPEC countries outside North America is expected to outstrip demand.

The U.S. investment bank cut its forecast for WTI to $75 a barrel from $90 and for Brent to $85 a barrel from $100, it said in a research note on Sunday. The bank's analysts expect WTI to fall to as low as $70 a barrel and Brent to $80 a barrel during the second quarter of next year, when it expects oversupply to be the most pronounced.