FX.co ★ Goldman Sachs slashes its oil prices forecast

Goldman Sachs slashed its forecast for Brent and WTI oil prices. It sees the Brent price falling to $ 42 per barrel, though the earlier forecast was $80 a barrel, the price for WTI oil is likely to be $41 a barrel (earlier forecast — $70), one of the leading providers of economical information said. The forecast was cut down due to the excess of oil in U.S.
The Prince of Saudia Arabia Al Waleed stated that oil would not come back to $100 a barrel. He underlined that prices are likely to fall further if demand keeps declining and supply stays at the current rate, the Bloomberg News agency reports.
Brent crude oil hit $48,6 during the London session ICE on January, 12. That pushed the euro up to the 74.4 against the ruble and resulted in USD/RUB strengthening to 62.81r.
The World Bank says 2015 is expected to be the year of low oil prices. A marginal increase is projected for 2016.
The Central Bank released its negative scenario of economic development in Russia on December, 15. According to the release, the GDP is likely to decrease by 4.5-4.7% in 2015 due to global oil prices drop to the level of $60 a barrel. It also sees the GDP falling down by 0.9-1.1% in 2016. Moreover, the central bank’s 2017 forecast for crude oil prices is around $80.