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Brent stays weak after Goldman cuts price forecast

FXStreet (Mumbai) - Brent Crude oil remains under pressure after Goldman Sachs cut its Q1 2015 prices forecast for the Brent as well as the WTI Crude by USD 15.

In a research note released on Sunday, the investment bank said that it had cut its forecast for West Texas Intermediate (WTI) to $75 a barrel from $90, and its prediction for Brent to $85 from $100. The research note mentions rising production in non-Organization of Oil and Petroleum Countries (OPEC) as the reason for the weakness in the oil prices. Moreover, the supply from the non-OPEC member is likely to outstrip demand. The analyst at Goldman Sachs see Brent Crude at USD 80/barrel by Q2 2015, when the effect of oversupplies is likely to be more stronger.

Brent Crude for December delivery is trading 0.06% higher at USD 86.19/barrel. The strong data out of the US and the Europe helped Crude end the last week on a flat note.

Brent Crude Technical levels

Brent has an immediate resistance of 86.60 on the hourly chart, breach of which shall open doors for 87.17 levels. On the flip side, prices may fall to 85.20 levels, if the immediate support of 85.80 is breached.

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