Oil Tumbles to Three-Month Low After Goldman Cuts Forecast Again
- Demand concerns dominate sentiment even amid deeper Saudi cuts
- WTI drops to near $67, extending last week’s declines
An oil drilling rig in Midland, Texas.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
Oil closed at a three-month low, extending last week’s losses after Goldman Sachs Group Inc. cut its forecast for the third time in six months.
West Texas Intermediate dropped 4.3%, more than erasing a rally stoked by Saudi Arabia’s decision less than two weeks ago to cut 1 million barrels a day of production. Even with Saudi Arabia’s cutback, Goldman sees crude supplies swelling, and the bank trimmed its year-end price estimate to $86.