Goldman Sachs said on Wednesday it expected prices for WTI crude oil to trade close to $40 per barrel for most of the first half of 2015 in one of the lowest forecasts among major investment banks.
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Goldman, one of the most active banks in commodities, said that after a very weak first half prices should recover to $65 per barrel for WTI and $70 for Brent.
"This suggests a strong recovery from current prices, but the timing is uncertain and we would wait for signs of stabilization (less inventory build and better roll yields) before shifting to a more positive stance on commodities," Goldman said in a note.
(Reporting by Dmitry Zhdannikov; editing by Jason Neely)