Goldman Sachs lowers its forecast on oil price


February 17, Fineko/abc.az. Goldman Sachs, one of the US leader investment banks, has released a forecast on the price of crude oil.

With reference to the Bank, it is reported that in the first quarter of the year the average price of one barrel of Brent oil will be $53. Goldman Sachs' previous forecast was $63 per barrel.

The Bank's forecast on Brent prices in other quarters of the year is $57, $60 and $65 per barrel, respectively.

The price forecast on one barrel of Light crude oil in the first quarter fell to $48.5. The previous forecast was $58.5 per barrel. The price of Light is expected to be $52.5, $55.5 and $60.5 per barrel in the next quarter.

The impact of the coronavirus epidemic in China on the global oil demand played an important role on this decision of Goldman Sachs.