Goldman Sees Oil at $45 by October After ‘Self-Defeating’ Rally
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Oil is poised to slump to $45 a barrel by October as a surplus of crude and producers’ easy access to cash weigh on the market, according to Goldman Sachs Group Inc.
A recovery in prices to near $60 a barrel from a six-year low in March is premature, analysts including Jeffrey Currie said in an e-mailed report dated May 18. The availability of cheap capital exacerbates the need for sustained low prices to keep U.S. producers from boosting output, according to the bank.