Goldman Sachs sees WTI crude oil at close to US$40 per barrel in H1

[LONDON] Goldman Sachs said on Wednesday it expected prices for WTI crude oil to trade close to US$40 per barrel for most of the first half of 2015 in one of the lowest forecasts among major investment banks.

Goldman, one of the most active banks in commodities, said that after a very weak first half prices should recover to US$65 per barrel for WTI and US$70 for Brent.

"This suggests a strong recovery from current prices, but the timing is uncertain and we would wait for signs of stabilisation (less inventory build and better roll yields) before shifting to a more positive stance on commodities," Goldman said in a note.

REUTERS