July 11, 2017

$40 IS THE CEILING, NOT THE FLOOR:

Goldman Sachs: Oil prices could plunge below $40 (Matt Egan, July 11, 2017, CNN Money)

The oil market could be in trouble if OPEC doesn't come to the rescue with deeper production cuts soon.

Goldman Sachs warned on Tuesday that crude oil could plunge below $40 a barrel "soon" if the massive U.S. oil glut persists and OPEC fails to take further action.

"The market is now out of patience," Damien Courvalin, head of energy research at Goldman Sachs, wrote in a research report.

Posted by at July 11, 2017 9:11 PM

  

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