According to the report of Bloomberg News, due to the deceleration of the global economy leading to a substantial reduction in demand, Goldman Sachs Group has cut its forecast for oil prices in the first quarter of next year by half to 30 US dollars per barrel.
Two analysts of the Goldman Sachs Group, Jeffrey Currie and Ellison Nathan, said in an analysis report published on December 11 that the daily demand for crude oil in 2009 will be reduced by 1.7 million barrels.
Goldman Sachs had previously estimated that the average price of the US benchmark oil West Texas Intermediate crude oil in the first quarter of 2009 would be US$62 per barrel.
Analysts say that the global economic downturn has reduced consumer spending and further reduced fuel demand. Demand growth in China and other non-member countries of the Organisation for Economic Co-operation and Development, Paris-based organizations, is also significantly reduced.
As the Western powers, including the United States, Japan, and Germany, have entered a recession, crude oil prices have dropped for five consecutive months since the record high of 147.27 US dollars per barrel hit in July of this year.
In July this year, Goldman Sachs predicted that oil prices will return to US$149 per barrel before the end of this year.
Two analysts of the Goldman Sachs Group, Jeffrey Currie and Ellison Nathan, said in an analysis report published on December 11 that the daily demand for crude oil in 2009 will be reduced by 1.7 million barrels.
Goldman Sachs had previously estimated that the average price of the US benchmark oil West Texas Intermediate crude oil in the first quarter of 2009 would be US$62 per barrel.
Analysts say that the global economic downturn has reduced consumer spending and further reduced fuel demand. Demand growth in China and other non-member countries of the Organisation for Economic Co-operation and Development, Paris-based organizations, is also significantly reduced.
As the Western powers, including the United States, Japan, and Germany, have entered a recession, crude oil prices have dropped for five consecutive months since the record high of 147.27 US dollars per barrel hit in July of this year.
In July this year, Goldman Sachs predicted that oil prices will return to US$149 per barrel before the end of this year.
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