The prominent Goldman commodities analyst reiterated his bank’s bearish view on the sector, cautioning that there is “too much money in this market right now.”
Goldman Sachs analysts—including Currie—on Monday cut their 2017-2018 forecast for crude oil to $60 a barrel from $65 previously and said they expect a further decline to $50 a barrel by 2020. June crude-oil CLM5, -3.58% prices on Tuesday slumped more than 3% to $58.35 a barrel as the dollar strengthened against the euro. A strong dollar DXY, +0.04% puts pressure on commodities priced in dollars by making it more expensive for investors buying in other currencies.
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