US oil prices fell below $80 a barrel yesterday after Goldman Sachs forecast lower oil prices in 2015 and traders nervously eyed a wave of selling from commodity index investors.
Nymex December West Texas Intermediate fell as much as 2.2 per cent to $79.44 a barrel after the investment bank said Opec would wait for evidence of a slowdown in US shale production growth before meaningfully cutting production.
“While we still believe Opec will remain a swing producer, it will no longer act as first-mover,” Goldman analyst Jeff Currie said, arguing lower US shale production was now required to balance the global oil market.
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