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Oil bulls nearly disappeared – Goldman Sachs

FXStreet (Mumbai) - A report from the investment bank Goldman Sachs indicates a near unanimous agreement among analysts that oil prices would continue to stay low for at lest 1-2 years.

The report from from Goldman Sachs Portfolio Equity Research cites oversupply from Non-OPEC countries, continued growth of US Shale oil production as major reasons for the sustained weakness in the Crude prices. The report also says that OPEC would lose its strength as the ‘first-mover swing producer’ in Crude and the role will be taken by US.

Given this reality, Goldman Sachs analyst David J. Kostin predicts that Brent crude prices will remain below $90 through 2016.

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