Oil loses more ground as Goldman Sachs cuts outlook

The drumbeat of losses for crude-oil futures resumed with the open of electronic trade early Monday, as various analysts sounded pessimistic notes about the commodity’s outlook.

In Globex action during late Asian trading hours, West Texas Intermediate crude oil for February CLG5, -2.38%  was down 83 cents, or 1.7%, at $47.53 a barrel. The move followed a 0.9% loss during Friday‘s regular session on the New York Mercantile Exchange.