Goldman Sachs: Don’t Expect Oil Prices To Rise On Historic Oil Deal

Even though oil producers finally agreed to cut production by nearly 10 million bpd, the deal will fail to support oil prices in the coming weeks as the agreement, albeit historic, is falling short of the enormous demand destruction and expectations, according to Goldman Sachs.   The voluntary cuts from the OPEC+ group will be too little to counter a nearly 20 million bpd demand loss this month and next, Goldman said on Sunday, as carried by Reuters.   The OPEC and non-OPEC producers known as OPEC+ who had managed their…