Skip to content
Subscriber Only

Goldman’s Currie Sees Oil Staying Below $50 as Surplus Lingers

  • Worldwide market ‘really looks similar’ to early 1990s
  • Capex cuts by oil companies won’t affect capacity till 2020
Photographer: Simon Dawson/Bloomberg

Don’t count on a big rally in crude oil, said Jeff Currie, head of commodities research at Goldman Sachs Group Inc. Or any rally, for that matter.

Two years into an oil rout that saw West Texas Intermediate oil fall to about $26 a barrel in February, the risk is “to the downside” because there aren’t any clear catalysts to push up prices, Currie said in an interview in Lake Louise, Alberta. For the next 12 months, he said, oil is likely to trade in the $45-$50 range.