Goldman Sachs lowered its crude oil price forecasts. It cut it Brent oil price forecast to $60-$65 for 2016-2019 and to $55 for 2020.

Goldman Sachs expects a $5 a barrel spread between Brent and WTI crude through 2016-2020.

The bank said that global oil demand will be covered by improved and effective U.S. shale oil and higher production from OPEC.

Short-term oil forecasts were upgraded. Goldman Sachs projects Brent crude oil this year at $58 a barrel, up from a previous estimate of $52, and WTI crude oil at $52 a barrel, up from a previous estimate of $48.