The March 15 contracts on oil Brent Crude is $49.30 per barrel.
The March 15 contracts on WTI Crude is $45.78.
January 27, 2015
By David Shepard
(Reuters) - Oil prices will stay lower for longer (click here) after more than halving since June, Goldman Sachs' (GS.N) chief commodity analyst said, arguing in his latest research note that demand growth in China and other emerging economies is set to slow.
Goldman's Jeff Currie, who rose to prominence forecasting oil's spike above $100 a barrel last decade, said the rise of U.S. shale output had realigned energy markets, making China a bigger and more important consumer than the United States. "For the first time since the 1940s, the U.S. is no longer the world's largest (oil) importer," Currie wrote in the note dated Jan. 26, which is part of the bank's 'Top of Mind' research series on macroeconomic trends....
The major oil countrie such as Exxon, currently fourth with 5.3 million barrels per day and Chevron now ninth with production of 3.5 million barrels per day have announced a cut in production.
The March 15 contracts on WTI Crude is $45.78.
January 27, 2015
By David Shepard
(Reuters) - Oil prices will stay lower for longer (click here) after more than halving since June, Goldman Sachs' (GS.N) chief commodity analyst said, arguing in his latest research note that demand growth in China and other emerging economies is set to slow.
Goldman's Jeff Currie, who rose to prominence forecasting oil's spike above $100 a barrel last decade, said the rise of U.S. shale output had realigned energy markets, making China a bigger and more important consumer than the United States. "For the first time since the 1940s, the U.S. is no longer the world's largest (oil) importer," Currie wrote in the note dated Jan. 26, which is part of the bank's 'Top of Mind' research series on macroeconomic trends....
The major oil countrie such as Exxon, currently fourth with 5.3 million barrels per day and Chevron now ninth with production of 3.5 million barrels per day have announced a cut in production.
