Oil prices will reach $60 according to Goldman Sachs.

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Goldman Sachs analysts provided positive outlook on oil prices after being one of the most bearish viewers for a long time. “We expect that deferred prices will start to stabilize, consistent with the recent increase in producer hedging as they near their marginal costs. We believe the industry still has further to adjust and our updated forecast maintains the same 2016-2017 price level we previously believed was required to finally correct both the barrel and capital imbalances, and eventually take prices to 60 USD/bbl” written in the report.

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