Goldman Sees US Oil in  $50-60 Range

Goldman Sees US Oil in $50-60 Range

Goldman Sachs said it expects US oil prices to hold in $50-60 a barrel range through 2020, due mainly to improved shale oil productivity and increased supply from OPEC producers. "We continue to have a long-term deflationary oil outlook driven by shale productivity, elevated OPEC supply and, in 2016-18, project startups," the bank said in an equity research note, Reuters reported. The typically bearish bank earlier last week raised its short-term price outlook as it said the market had flipped into a deficit due to production outages in Nigeria and Canada. The bank estimated WTI oil prices would average $45 a barrel in 2016, from $38 previously, but cut its 2017 forecast to $53 a barrel from $58 earlier.

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