World News
Goldman Sachs Predicts $30 Oil, Slump to Continue
Goldman Sachs Group Inc. (Goldman) President Gary Cohn Monday said oil could hit $30 per barrel, Bloomberg reports.
"We're probably in the lower, longer view," said Cohn.
According to the report, on Monday, prices for West Texas Intermediate crude with a March delivery date fell to their lowest since March 11, 2009, on the New York Mercantile Exchange (NYMEX).
Oil prices have slid around 60 percent in the last six months due concerns about oversupply.
While the U.S. is said to be producing oil at its fastest rate for more than 30 years, OPEC has refused to cut supply to buoy prices.
But oil companies, including those involved in U.S. shale oil production, have already announced swingeing cuts in capital investment which Italy's ENI has said could lead to a jump in oil prices to $200 per barrel within five years.
On Tuesday, oil prices rallied 3 percent but one oil executive predicted little prolonged upward effect, saying "I don't think fundamentally anything's changed."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 2.50 | 765.00 | 14.00 |
| Rotterdam | 607.50 | 0.50 | 764.50 | 24.50 |
| Houston | 632.50 | 4.00 | 807.50 | 5.00 |
| Fujairah | 650.50 | 1.00 | 882.50 | 6.00 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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