home Oil Prices Oil will crater unless there’s a ‘shock and awe’ cut in output, Goldman Sachs says

Oil will crater unless there’s a ‘shock and awe’ cut in output, Goldman Sachs says

An employee rides his bike past barrels of petroleum products at a state-owned Pertamina fuel depot in Jakarta, Indonesia.

Darren Whiteside | Reuters
An employee rides his bike past barrels of petroleum products at a state-owned Pertamina fuel depot in Jakarta, Indonesia.

Oil prices could soon fall below $40 a barrel if investors don’t get a clear catalyst that prompts them to start buying the commodity, Goldman Sachs said on Tuesday.The investment bank believes oil prices will not rally until traders see at least one of two things: further intervention from OPEC or a consistent drop in both U.S. crude oil stockpiles and the number of rigs operating in American fields.

 

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