NEW YORK, Oct. 28 (UPI) -- West Texas Intermediate crude oil prices bounced back above the $80 mark for Tuesday, though long-term contracts show a steady level below that threshold.
WTI, the U.S. benchmark, dropped below the $80 mark in Monday trading after Goldman Sachs cut its forecast to $75 for the first quarter of 2015. It won't be until 2016 before WTI prices hold above the $80 mark, the bank said.
WTI for December delivery was off by about 22 cents from its Monday high to reach $80.78 in early trading. Tuesday trade data show WTI trading below $80 per barrel through 2015, before it again passes the $80 mark for the March 2016 contract.
Brent crude oil prices for December delivery shed around 40 cents early Tuesday to trade at $85.41 per barrel.
Lower crude oil prices were in part behind poor quarterly performance reports from energy companies this week.
Profits for British energy companies BG Group and BP were both down because of lower oil prices
BP Chief Executive Bob Dudley said in a statement his company was continuing to deliver good downstream results "despite lower oil prices."
