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FILE PHOTO: A Goldman Sachs sign is displayed inside the company’s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid/File Photo
(Reuters) – Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring.
The investment bank still expects oil prices to fall in coming weeks as storage fills rapidly even as the Organization of the Petroleum Exporting Countries and its allies came to an agreement to drastically cut world supply.
Reporting By New York Energy Desk; Editing by Himani Sarkar
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