Goldman Sachs and Germany’s Commerzbank slashed their forecasts for oil prices on Friday, citing global oversupply and worries about top energy consumer China. U.S. investment bank Goldman, closely followed by many investors including commodities funds, said it expects oil prices to tumble further this year on rising OPEC production and resilient non-OPEC supply, which is seen outstripping demand. “The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016,” Goldman said in a note titled “Lower for even longer”. It said crude oil prices could fall as low as $20 a barrel, although this was not its “base case”. Joining a long list of banks cutting price projections, Goldman Sachs lowered its 2016 forecast for U.S. crude to $45 a barrel from $57, and said it saw 2016 Brent prices at $49.50 a barrel, down from its earlier $62 forecast. […]