Oil prices to reach as low as $30 (€26.40) a barrel

Oil prices will probably continue to decline and could reach as low as $30 (€26.40) a barrel, according to Gary Cohn, president of Goldman Sachs Group.

“We’re probably in the lower, longer view,” Cohn, a former oil trader, said Monday in a CNBC interview.

Crude oil has slumped almost 60% since June as the Organisation of Petroleum Exporting Countries (OPEC) resisted calls to cut output and the US pumped at the fastest pace in more than three decades. Drillers in the US have begun to idle rigs as falling prices make wells aiming to tap shale reserves unprofitable.