U.S. benchmark crude oil, West Texas Intermediate shed over 2% on Monday, shortly after Goldman Sachs said US crude would account for 60% of non-OPEC output growth this year
U.S. benchmark crude oil, West Texas Intermediate WTI shed over 2% on Monday, shortly after Goldman Sachs said US crude would account for 60% of non-OPEC output growth this year. At 113 p.m. ET on Monday, WTI was trading down 2.13% at $75.52, while Brent crude was trading down 2.02% at $79.49, moving away from its $80 marker.
” The Permian rig count has declined nearly 15% from last year’s April high to 309 currently, and is 30% lower than its 2018-2019 average, Goldman Sachs has revealed. GS has predicted that Permian rig count will be below 300 by the end of 2024. However, Goldman says that output per rig will keep growing, “as industry consolidation increases the share of more productive rigs, and as technologies improve”.
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