Goldman Sachs Is Projecting Oil At A Price Of $20 Per Barrel

CNN: Goldman Sachs: Oil could hit $20

London (CNNMoney) — Forget $40 a barrel oil. Prices could plummet to $20 as a massive supply glut persists until the end of next year.

That's the view of Goldman Sachs, which published an oil report Friday headlined "Lower for even longer."

The bank's commodities team slashed its forecast for average prices in 2016 to $45 per barrel from $57, but said the risks of a collapse to $20 were growing.

Here's why.

WNU Editor: If true .... the impact on every oil producing country will be devastating.

More News On Goldman Sachs Projecting Oil At A Price Of $20 Per Barrel

Oil prices could fall to $20 a barrel says Goldman Sachs - as it happened -- The Guardian
Goldman Sachs says crude could tumble to around US$20 a barrel -- AP
Oil could plunge to $20 in doomsday scenario, Goldman Sachs says -- USA Today
Oil ends down about 2 percent as Goldman Sachs cuts price forecast -- Reuters
Goldman Sachs says oil prices could fall to $20 a barrel -- Euronews
Goldman Sachs raises the possibility that oil will fall to $20 a barrel -- Quartz
Goldman Sachs: Oil Could Sink As Low As $20 -- Zero Hedge/Oil Price