{"id":4423,"date":"2015-01-12T07:35:17","date_gmt":"2015-01-12T12:35:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4423"},"modified":"2015-01-12T07:35:17","modified_gmt":"2015-01-12T12:35:17","slug":"oil-falls-as-goldman-cuts-outlook-while-venezuela-seeks-recovery","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4423","title":{"rendered":"Oil Falls as Goldman Cuts Outlook While Venezuela Seeks Recovery"},"content":{"rendered":"<p><a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-12\/oil-declines-from-5-1-2-year-low-as-opec-members-seek-recovery.html\" target=\"_blank\"><span class=\"Apple-style-span\">Oil Falls as Goldman Cuts Outlook While Venezuela Seeks Recovery<\/span><\/a><\/p>\n<p>Oil fell to the lowest level in more than 5 1\/2 years as Goldman Sachs Group Inc. reduced its price forecasts and<a href=\"http:\/\/topics.bloomberg.com\/venezuela\/\">Venezuela<\/a>\u00a0called on OPEC producers to work together to spur a recovery.<\/p>\n<p>Futures slid as much as 3.3 percent in London after a seventh weekly drop. Crude has to \u201cstay lower for longer\u201d if investment in shale is to be curtailed to re-balance the global market, according to Goldman analysts. Prices need to return to $100 a barrel for economic equilibrium, Venezuelan President\u00a0<a href=\"http:\/\/topics.bloomberg.com\/nicolas-maduro\/\">Nicolas Maduro<\/a>\u00a0said in\u00a0<a href=\"http:\/\/topics.bloomberg.com\/iran\/\">Iran<\/a>\u00a0during a tour of Middle Eastern members of the Organization of Petroleum Exporting Countries.<\/p>\n<p>Oil slumped almost 50 percent last year, the most since the 2008 financial crisis, amid a supply glut estimated by Qatar at 2 million barrels a day. OPEC is battling a U.S. shale boom by resisting production cuts, signaling it\u2019s prepared to let prices decline to a level that slows the fastest pace of American output in more than three decades.<\/p>\n<p>\u201cWe are yet to see any material indications in fundamentals to support a rebound in crude prices,\u201d Miswin Mahesh, an analyst at Barclays Plc in London, said in a report. The \u201csurplus is expected to expand\u201d going into the second quarter.<\/p>\n<p>Brent for February settlement dropped as much as $1.66 to $48.45 a barrel on the London-based ICE Futures Europe exchange and was at $48.74 at 11:22 a.m.\u00a0<a href=\"http:\/\/topics.bloomberg.com\/london\/\">London<\/a>\u00a0time. The contract lost 85 cents to $50.11 on Jan. 9, the lowest close since April 2009. The European benchmark crude traded at a premium of as little as $1.38 to U.S. marker grade West Texas Intermediate, the least since Oct. 16.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil Falls as Goldman Cuts Outlook While Venezuela Seeks Recovery Oil fell to the lowest level in more than 5 1\/2 years as Goldman Sachs Group Inc. reduced its price forecasts andVenezuela\u00a0called on OPEC producers to work together to spur a recovery. Futures slid as much as 3.3 percent in London after a seventh weekly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[376,2422,1775,600,851],"class_list":["post-4423","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-goldman-sachs","tag-nicolas-maduro","tag-oil-price-collapse","tag-opec","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4423"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4423\/revisions"}],"predecessor-version":[{"id":4424,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4423\/revisions\/4424"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}