Spot Cargo Markets - WTI Hits Fresh 12-Year Low

摘要

Record-high crude stocks at Cushing, Oklahoma, hammered US crude futures, with West Texas Intermediate closing at a new 12-year low of $26.61 per barrel Thursday, down $7.01/bbl on the week. International price pin Brent lost $4.40/bbl to settle at $30.06/bbl Thursday amid growing concerns about the fragile state of the global economy and prospects for oil demand despite lower oil prices. US bank Goldman Sachs forecast that prices would remain low and volatile until the second half of the year. “We expect oil prices will continue to fluctuate between $20 per barrel (operational stress level) and $40 per barrel (financial stress level) with significant volatility and no price trend until 2H2016,” Goldman said in a client note.