Oil bound for sharper declines, industry experts tell Goldman Sachs [Reuters]
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Source: Reuters
Oil bound for sharper declines, industry experts tell Goldman Sachs (Reuters) - Oil prices could continue to tumble and even fall to single digits as demand slumps due to the coronavirus crisis, industry experts said in interviews published by Goldman Sachs, exacerbated by a market share tussle among top producers as the world runs out of storage space. But the slide could give way to a “healthier global industry,” the bank said in the note dated March 31, rebounding as production is reduced. Oil expert and Pulitzer Prize-winning author Daniel Yergin told Goldman Sachs that demand could fall by 20 million barrels per day in April, or even more, referring to the “biggest demand drop in modern times” while Saudi Arabia and Russia engage in a price war. “If we run out of oil storage and oil can’t be moved, as in 1988, we’ll see prices go sharply lower— to very low double digits, and in some cases to single digits,” Yergin said, adding that low prices could prevail for the next several mo
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