Goldman Sachs: Oil prices can drop to $ 20

Analysts of the American financial conglomerate Goldman Sachs Group Inc. It is believed that an excess supply in the world market can lead to a drop in oil prices in the medium term up to $ 20 per barrel, Bloomberg reports.

"The oil market is oversaturated even more than expected, and we predict the preservation of excess supply in 2016. In this regard, we reduce oil prices," explained Goldman Sachs analyst Damien Kurvalin

The forecast of the average cost of Brent brand for 2015 was reduced to $ 53.7 per barrel from $ 58.2 per barrel from the May forecast. WTI is waiting for a decrease to $ 48.1 per barrel from $ 52 per barrel.

The forecast of price for oil Brent for 2016 was worsened by Goldman Sachs experts to $ 49.5 per barrel from $ 62 per barrel, a new forecast for WTI: $ 45 instead of $ 57 per barrel.

Goldman Sachs worsened their forecast for 2015-2016 at the expectations that the excess of the proposal will be maintained due to the increase in the production of the organization of exporting countries, sustainable supplies of raw materials from countries that are not included in OPEC, as well as due to slowing down the growth of demand.

At the same time, analysts are stipulated that a decrease to $ 20, most likely, will not be long -term, but will contribute to a change in the balance of supply and demand.

Oil prices demonstrate multidirectional dynamics in the last three weeks, recalls Interfax . Such a development of events is connected both with fears about the Chinese economy, which give rise to alarm regarding the demand for fuel in the world, and with the expected abolition of sanctions against Iran, which can significantly increase the proposal. From the peak values ​​of the current year recorded in June, by the beginning of September, the quotes decreased by about 25%.

On the morning of September 11, October Brent oil futures on the ICE Futures London Exchange by 9:43 in Moscow fell in price by $ 0.46 (0.94%) to $ 48.43 per barrel. The price of WTI oil for October at electronic trading in the New York Modern Exchange rose by this time by $ 0.63 (1.37%) - to 45.29 per barrel.

The price of the oil "basket" OPEC reference Basket of Crudees) the day before decreased by $ 1.45% to $ 44.83 per barrel from $ 45.96 on the previous trading day.