Goldman’s Currie sees oil staying below $50 as surplus lingers | GulfNews.com

Goldman’s Currie sees oil staying below $50 as surplus lingers | GulfNews.com:

"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 (Dh95) 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.

In May, Goldman cut its 2017 forecast for oil prices to $53 a barrel from $58 as producers became more efficient and Saudi Arabia, Russia and Iran boosted output more than expected. A “modest” supply deficit in the market is forecast to turn to a surplus early next year, Currie said Wednesday."



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