Goldman Sachs Cuts Its Expected Oil Price Range by $5

Weaker Chinese oil demand, high inventories, and rising U.S. shale production have prompted Goldman Sachs to reduce its expected range for Brent oil prices by $5 to $70-$85 per barrel. Commercial inventories have been stable in the peak summer demand season, contrary to expectations of drawdowns, analysts at the Wall Street bank wrote in a note carried by Investing.com. Higher U.S. supply has been offsetting some of the seasonal demand, according to Goldman Sachs. Efficiency gains among U.S. producers have raised shale supply by 200,000 barrels…