Oil Slides to Lowest Since March as Goldman Sees Glut
Oil Drops to Lowest Price in Four Months
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Oil dropped to the lowest in more than four months in New York on expectation a global glut that drove prices into a bear market will be prolonged.
Goldman Sachs Group Inc. estimates the global crude oversupply is running at 2 million barrels a day and storage may be filled by the fall, forcing the market to adjust, analysts including Jeffrey Currie said in a report dated Thursday. U.S. crude supplies remain about 100 million barrels above the five-year seasonal average, Energy Information Administration data on Wednesday showed.