April 12, 2011 / 2:01 PM / 9 years ago

Goldman predicts Brent crude to fall to $105 a barrel

NEW YORK, April 12 (Reuters) - Goldman Sachs (GS.N) expects Brent crude oil to fall back toward $105 a barrel in the coming months, it stated in a research note emailed to clients on Tuesday.

Goldman also recommended clients close long positions in the ICE gas oil LGOc1 contract.

On Monday, the bank recommended closing its ‘CCCP Basket’ trade, which included a 40 percent weighting in U.S. crude oil futures CLc1. [ID:nLDE73B02E]

Brent prices were down almost 2 percent at $121.60 by 9:53 a.m. EDT (1353 GMT), with U.S. crude down almost 3 percent at $106.89 a barrel. (Reporting by David Sheppard; Editing by John Picinich)

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