Wall Street oil outlook crumbles as Goldman sees contraction

Goldman sees global oil demand falling 150,000 barrels a day, while FGE expects consumption to shrink by 220,000 barrels a day.

NEW YORK: Goldman Sachs Group Inc. became the first major Wall Street bank to anticipate that global oil demand will contract in 2020 for only the fourth time in nearly 40 years.

The dire forecast came just as influential oil-market consultants, Facts Global Energy and IHS Markit, also published similar warnings, creating an ominous backdrop for the meeting of OPEC and its allies in Vienna this week.