Goldman Sachs: No clear catalysts to push oil higher, risk is to the downside

Jeff Currie, head of commodities research at Goldman Sachs, in his latest oil report published via Bloomberg on Thursday, noted that there are no major reasons for oil to move higher, while adding that risk remains to the downside in oil prices.

Key Headlines:

There are not any clear catalysts to push oil prices higher

The risk is to the downside

Range for the next 12 months is $45-$50 (WTI)

Even an agreement between producers at the OPEC & non-OPEC producer Russia on September 27 will do little to support the oil price

New oil production capacity still to come online, especially in 2017 and 2018