May be the new president picks another country, and then the price will be revised upwards...
Oil Could Drop as Low as $20, Goldman Says
Goldman Sachs Group Inc. cut its oil price forecasts as it sees a global glut persisting into 2016 on further OPEC production growth that may force prices to drop as low as $20 a barrel. The bank trimmed its 2016 estimate for West Texas Intermediate to $45 a barrel, from a May projection of $57, according to an e-mailed research note Friday. Goldman also reduced its 2016 Brent crude prediction to $49.50 a barrel, from $62. “The oil market is even more oversupplied than we had expected and we now forecast this surplus to persist in 2016,” Goldman analysts including Damien Courvalin wrote in the report. “Given ... (full story)