US oil price of West Texas Intermediate (WTI) fell more than 2 percent to US$ 32.43 per barrel, at 07:38 local time.Meanwhile, Brent crude fell 59 cents, or nearly 2 percent, to US$ 32.96 per barrel.Thus the price of oil has dropped 10 percent during the first week of trading in 2016.Goldman Sachs called the price of oil can penetrate US$ 20 and remained low in the first quarter 2016."This makes the producers will cut the budget to reflect oil prices of US$ 40 per barrel for 2016," Goldman Sachs said in a telephone interview.Oil prices have fallen about 70 percent started in mid 2014 when the world crude oil production reached hundreds of thousands of barrels per day with no buyers.
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