Oil Price News: Crude Oil Trading Below $50 A Barrel

US crude had snapped a seven-week last week after bullish comments from the International Energy Agency. Oil prices fell at the beginning of the week, dipping back below $50, as analysts see little evidence of the combination of oversupply and sluggish demand that has pummeled oil prices subsiding. oil price news

Oil News: Oil Prices Continue To Fall As Goldman Sachs Slashes Forecasts

Both Brent and US crude are at their lowest level since April 2009 and have fallen for seven straight weeks. Global oil prices fell by more than $1 a barrel on Monday morning as analysts at Goldman Sachs lowered its short-term forecast. The investment banking firm had held off on lowering their oil forecasts after the Organization of Petroleum Exporting Countries (OPEC) decided not to cut their supply in November until now, when they cut their average forecast for Brent in 2015 to $50.40 a barrel from $83.75 and lowered their forecast for US crude to $47.15 from $73.75. In the report, Goldman Sachs said that oil prices would need to stay near $40 for most of the first half of 2015 before it would hold up shale oil investments. oil price news