After countless oil price downgrades, analysts at Goldman Sachs have cut their outlook for the commodity sector as a whole. Goldman downgraded commodities on Wednesday—including energy, metals, agriculture and livestock—to “underweight” from “neutral” on a 3-month basis.
“Despite the large declines in commodity prices, we see risks as still skewed to the downside over the near-term. Lower oil prices are also driving cost deflation across the broader commodity complex,” Goldman strategists led by Christian Mueller-Glissmann said in a research note.
The strategists forecast WTI crude oil prices would remain at around $40 per barrel for most of the first half of the year, which would “slow supply growth, keep further capital investment in U.S. shale sidelined, and “We think the oil market is experiencing a marginal cost re-basement,” they said.
CNBC
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