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Goldman Sachs has slashed its 2015 oil price forecasts, making it the most bearish among major financial institutions, following a near 25% fall in crude prices over the past five months.

The U.S. investment bank said rising output will outstrip demand – and its new numbers weighed further on benchmark Brent crude prices – as forecasters generally pare back estimates for oil due to slowing global growth, a strengthening dollar and ample supplies.

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Goldman analysts said in a report released late on Sunday that they expect U.S. benchmark West Texas Intermediate (WTI)crude to fall to $75 a barrel and Brent to $85 a barrel in the first quarter of 2015, both down $15 a barrel from their previous forecast.

WTI could fall as low as $70 in the second quarter and Brent as low as $80, when oversupply would be the most pronounced, before returning to first-quarter levels, Goldman said.

Goldman’s projections contrast with those of Standard Chartered Bank’s oil analyst Paul Horsnell, known for having called the market’s long rally a decade ago. He is sticking with a more bullish bias.