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Goldman Sachs cuts Brent forecasts to $30 on price war, Coronavirus impact

Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia

Topics
Goldman Sachs | Brent crude | Coronavirus

Reuters 

Goldman Sachs cut its second- and third-quarter Brent price forecasts to $30 per barrel, citing the oil price war between Russia and Saudi Arabia and a significant collapse in oil demand due to the coronavirus that has killed more than 3,500 globally. Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the virus outbreak. "The aggressive cut to Saudi's Official Selling Prices and Russia's reluctance to ...

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First Published: Mon, March 09 2020. 10:57 IST
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