Goldman Sachs not expects oil drop to 40 USD within six months

Baku. 10 March. REPORT.AZ/ The USA's investment bank Goldman Sachs considers its forecast for the reduction in oil prices to 40 dollars a barrel too pessimistic on the background of unexpectedly rapid recovery in demand, Report informs citing the TASS.

The January forecast of Goldman Sachs suggested reduction of the cost of a barrel of WTI crude oil to 40.5 dollars in the second quarter and the recovery of rates up to 65 dollars in 2016.The experts of the bank forecasted a decline of Brent crude to 42 dollars per barrel and recovery up to 70 in 2016.

According to the bank, the weather conditions and supply disruptions from Iraq, Libya and Iran have reduced the amount of oil on the global market in January and February by 885 thousand barrels per day compared to December.

In addition, oil consumption in the winter led to a stronger oil demand.