Oil prices fall following biggest advance in two months
Prices will stay low this year as US stockpiles increase to "historically elevated levels" through 2016, says Goldman
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OIL fell after the biggest rally in two months as investors weighed forecasts for rising US crude supplies against signs that Saudi Arabia is betting on an improvement in demand.
Futures slid as much as 1.7 per cent in New York, trimming a 6.1 per cent surge on Monday. Prices will stay low this year as US stockpiles increase to "historically elevated levels" through 2016, Goldman Sachs Group Inc predicted. Saudi Arabia's April 5 announcement raising differentials for May shipments to Asia follows a recovery in profits for refining crude into fuels, data compiled by Bloomberg showed.
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