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Goldman Sachs still sees crude prices falling after OPEC+ deal [Yahoo! Finance News]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
US:NYSE Investor Relations: morganstanley.com/about-us-ir
FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas) - Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.The Organization of the Petroleum Exporting Countries OPEC) and its allies, a grouping known as OPEC+, said they had agreed to reduce output by 9.7 million barrels per day bpd) for May and June to stem a slump in prices.The bank saw downside risks to its short-term oil price forecast of around $20 per barrel for Brent, but projected the global crude benchmark would outperform U.S. oil because OPEC+ producers' exports would likely fall, freeing up floating storage space.Even with core-OPEC members fully complying with the cuts, and 50% compliance by all other countries that have agreed to curb production in May, the voluntary cuts would translate into a reduction of only 4.3 million bpd from first- Show less Read more
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