Crude Oil Mixed After Goldman Sachs Bearish Predictions Are Unveiled

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Crude Oil futures are trading lower by $0.16 at $60.38 in Monday's session. The entire oil sector is digesting negative comments from Goldman Sachs earlier today. The firm has come forward with projected prices for 2015 and significantly lower prices for 2016.

The firm does see some upside potential for some refiners, which may benefit West Coast fracking operations.

During the pre-market session, the contract traded up to $61.71 before Goldman comments were released. That high coincides with Thursday's high ($61.80). The ensuing decline has taken oil to $60.30 and it has not been able to mount much of rebound.

Longer term in the contract can be found in the lower $59 handle. Over the last few weeks, it has put in a trio lows between $59.10 and $59.45, with $59.32 representing Friday's low.

The United States Oil Fund LP (ETF) USO was trading at $20.37, down $0.15.