Oil Prices Under Pressure Despite Libya Supply Shock

Crude oil prices steadied earlier today after gaining more than 1% on Thursday on the news of production shutdowns in Libya. However, analysts believe the benchmarks are still set for a monthly decline as pessimism about demand continues to weigh. In two recent oil price forecast updates, Goldman Sachs and Morgan Stanley lowered their expectations about Brent crude and WTI citing disappointing demand from China. Goldman earlier this week reduced its price forecast by $5 to between $70 and $85 per barrel of Brent crude, citing, besides Chinese demand,…