Brent Declines as Goldman Cuts Forecasts on Supply; WTI Steady Brent fell for a second day as Goldman Sachs Group Inc. cut its first-quarter crude price forecasts, predicting supply growth from non-OPEC producers will outpace demand. West Texas Intermediate was steady in New York. Futures dropped as much as 0.5 percent in London. Accelerating output from producers outside of North America including Brazil and Azerbaijan will result in an oversupply in 2015, Goldman Sachs said. The Organization of Petroleum Exporting Countries, scheduled to meet in Vienna next month, should let the market balance itself instead of trying to intervene, according to Hassan Qabazard, a former head of the group’s research division. Brent for December settlement declined as much as 40 cents to $85.73 a barrel on the London-based ICE Futures Europe exchange and was at $85.80 at 9:44 a.m. Seoul time. The contract slid 70 cents to $86.13 on Oct. 24. The volume of all futures traded was about 9 percent above the 100-day average. Prices have decreased 23 percent this year. WTI for December delivery was 3 cents higher at $81.04 a barrel in electronic trading on the New York Mercantile Exchange. The U.S. benchmark crude was at a $4.87 discount to Brent. The spread widened for a fourth [...] newsintx/brent-declines-as-goldman-cuts-forecasts-on-supply-wti-steady/
Posted on: Mon, 27 Oct 2014 02:30:50 +0000
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