Employees work on drilling rigs at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world -- even more than Saudi Arabia.  But the Venezuelan oil industry is also sitting atop a well of trouble.   Picture taken on July 28, 2011.  To match Special Report VENEZUELA/PDVSA  REUTERS/Carlos Garcia Rawlins (VENEZUELA - Tags: ENERGY POLITICS BUSINESS)

Employees work on drilling rigs at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world -- ... even more than Saudi Arabia. But the Venezuelan oil industry is also sitting atop a well of trouble. Picture taken on July 28, 2011. To match Special Report VENEZUELA/PDVSA REUTERS/Carlos Garcia Rawlins (VENEZUELA - Tags: ENERGY POLITICS BUSINESS) (Reuters)

Goldman Sees WTI Close to $40 per Barrel in First Half

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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)