Experts predict sharp decline in oil prices

Goldman Sachs predicted further sharp decline in oil prices on the back of close to maximum capacity seen in the refined product inventories, New York Times reports.

Now distillate storage utilization in the US and Europe is nearing historically high levels. "This raises the specter of 1998 and 2009 when distillate storage hit capacity, pushing runs and crude oil prices sharply lower," the experts of Goldman Sachs said.