Oil slides as Goldman Sachs lowers forecasts for 2017 crude prices

Goldman Sachs predicts $50 per barrel for WTI oil in 2018 to 2020.

The company sees average WTI crude oil prices for 2017 at $52.39 per barrel, from $54.80 previously, and sees Brent crude prices for 2017 at $55.39 from $56.76 previously.

Goldman says oil futures for 2018 to 2019 need to stay at or below $50 per barrel to discourage further shale oil ramping and encourage OPEC to keep a range-bound market.

This comes after investors reacted negatively to last week's OPEC decision to extend production cuts for 9 months but keep them at the same level.