Goldman Sachs raises oil price forecast to $57.50 per barrel

Goldman Sachs raises oil price forecast to $57.50 per barrel

OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier.

Russian Federation plans to host a meeting of some ministers from the Organization of Petroleum Exporting Countries and several non-members in St. Petersburg on July 24.

Investors are losing confidence that Opec's current deal will successfully curb the supply glut in the market. While Brent crude has rebounded from a seven-month low reached in June, analysts including Goldman Sachs Group Inc. say the supply curbs need to be intensified. Now the crude oil prices hold the previous support which became resistance and similarly the previous resistance became support which is $47. Energy Minister Alexander Novak agreed in May to extend that reduction for nine months to the end of the first quarter of 2018.

July 4 (Reuters) - Oil prices flirted with both positive and negative territory on Tuesday, hovering around $50 a barrel on tentative signs that a persistent rise in US crude production may be slowing.

Oil prices fell more than 2 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish.

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Earlier this week, reports suggested that while OPEC may be mulling over deeper oil production cuts, they won't be rushing to make that decision, even though a panel monitoring the cuts will be meeting next month.

As a result, the bank lowered its year-end forecast for Brent from $58 per barrel to $53 per barrel.

One trader also said lower-than-expected apportionment on Enbridge pipelines in July meant some people in the market were short heavy crude and looking for more barrels to meet their nominated volumes.

USA oil traders are hoping the sweltering days of July are also hot ones for demand, and that the new month is the last best opportunity this year to see the overhang of inventories finally subside.

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