Oversupply and Chinese slowdown could send the oil price plummeting to USD 20 per barrel, notes Goldman Sachs, as the bank on Friday opted to lower its forecasts for oil price developments in 2016.
The bank now projects that the price of US crude oil will reach USD 45 per barrel, while the price of European brent oil is seen reaching USD 49.5 next year. Previous expectations were USD 57 and USD 62 per barrel, respectively, and the move thus represents a significant downgrade.
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