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Goldman: The Plunge in Rig Count Still Isn't Enough to Stop Oil From Tumbling

relates to Goldman: The Plunge in Rig Count Still Isn't Enough to Stop Oil From Tumbling
Photographer: Brittany Sowacke/Bloomberg
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The slump in oil prices may not be over, according to Goldman Sachs Group Inc.

The decline in the number of U.S. drilling rigs that’s helped crude futures in New York rebound 14 percent from this year’s low isn’t enough to reduce an oversupply, the U.S. bank said in a note dated Feb. 10. Lower prices are needed for American output to slow sufficiently to rebalance global markets, it said.