Oil prices fell more than 2 percent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Joining a long list of banks cutting their price forecasts, Goldman Sachs on Friday reduced its 2015 U.S. crude oil estimate to $48.10 a barrel, down from $52. The bank lowered its 2016 forecast for U.S. crude to $45 from $57.
Goldman cut its 2015 Brent price forecast to $53.70 a barrel from $58.20, and said it saw 2016 Brent prices at $49.50, down from its earlier $62 forecast.
Brent for October LCOc1 was down $1.00 at $47.89 a barrel by 0930 GMT. U.S. crude CLc1, also known as West Texas Intermediate or WTI, was down 95 cents at $44.97 a barrel.
Brazil Energy Insight 
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