Oil Caps Weekly Drop as Goldman's Outlook for Surplus Worsens
- Goldman says oil could possibly fall to $20 a barrel
- Senate vote paves the way for Obama to ease Iran sanctions
Does U.S. Economy View Cheap Oil as Doom or Boom?
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Oil tumbled in New York, capping a weekly decline, as Goldman Sachs Group Inc. said a global supply surplus could force prices as low as $20 a barrel.
The bank said the world’s oil glut is bigger than it had thought, even as U.S. shale output is set to decline. Crude supplies outside OPEC will decrease next year by the most in more than two decades as the price rout curbs production in America, according to the International Energy Agency. The U.S. oil rig count fell for a second week.