Goldman Sachs Brett Nelson, head of tactical asset allocation in Goldman Sachs Private Wealth Management’s Investment Strategy Group:

  • “U.S. producers have started to respond, and quite aggressively”
  • “This in combination with general stabilization in growth in the broader global context will allow oil prices to settle into a $60 to $80 range in the second half of the year”

Meanwhile, other reports have more views from Goldmans:

  • Lowered its Brent crude oil price estimate for 2015 to $50 a barrel from $84
  • For 2016 onwards to $70 a barrel from $90
  • Expects the production growth from non-OPEC countries which began in May 2013 to drive 20% deflation in the global oil supply chain
  • Goldman sees oil prices bottoming in Q2 of this year at $42 a barrel
  • Averaging $50 a barrel for all of 2015