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Brent price drops below $48, Goldman Sachs says decline to continue to $30

Oil slumped almost 60% as compared to the price levels of June 2014

Brent oil prices slide below $48 during ICE trading session on Tuesday. Goldman Sachs Group CEO Gary Cohn forecasts further decline of oil prices to $30 a barrel.

Bloomberg cited Cohn as saying that oil prices would probably continue to decline and could drop as low as $30 a barrel.

He added that consumers and oil-producing nations are in different positions than they have been in the past few years due to a major oil price decline. “If you’re a consumer today and you can lock in these prices, you’re a lot more aggressive in the markets in hedging than you have ever been,” Cohn said.

Brent for March settlement slid by as much as 0.56% to $47.91 a barrel on the London-based ICE Futures Europe exchange. Oil slumped almost 60% as compared to the price levels of June 2014.

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Copyright:
TASS
Published on:
January 27, 2015
Source url:
http://itar-tass.com/en/economy/773524
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