WTIC Light Crude Oil: WTI crude prices tumble after Goldman Sachs slashes their price forecast

WTI crude prices took a 4.35% dive to close at $67.12 a barrel on Monday after Goldman Sachs revised down its WTI crude price forecast for December from $89 a barrel to $81, citing increasing supply and slower demand, per CNBC. WTI crude prices could fall further to retest a trendline support at ~ $64.30 a barrel if U.S. and China economic data remains soft. 

It remains to be seen whether the one million barrels a day oil production cut by Saudi Arabia, starting in July, will have any impact on crude oil prices at this level.

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