Cairn India Falls 3% After Brent Crude Drops

Cairn India fell 3 per cent on Monday after Brent dropped below $86 as Goldman Sachs cut its price forecasts.

Brent was below $86 after Goldman Sachs cut its price forecasts for the contract and for US oil by $15 in the first quarter of next year.

The US investment bank said in a research note on Sunday that it had cut its forecast for West Texas Intermediate to $75 a barrel from $90, and its prediction for Brent to $85 from $100, with rising production in non-OPEC countries outside North America expected to outstrip demand.

Lower crude oil prices can hit revenues of oil explorers.

Copyright: Thomson Reuters 2014