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
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.
- Published on:
- January 27, 2015
- Source url: