Bearish sentiment has taken hold of crude oil prices as various analysts and agencies have slashed their forecast for this year and next. On Wednesday, oil fell a little over 5 percent to a one-month low of $45.72, taking the year-to-date loss to 15 percent. However, there has been a recovery on Thursday. Abounding Bearishness Goldman Sachs recently cut its WTI crude oil price forecast for 2017 to $52.292 a barrel from its previous forecast of $54.80 a barrel.On the assumption that U.S. shale production would continue to increase this year and the next, and the OPEC production cuts would be rolled back by the end of the year, JPMorgan recently lowered it WTI oil price forecast for 2018 by a dramatic $11 to $42.The U.S. Energy Information Administration, in its monthly Short-Term Energy Outlook report released on June 6 lowered its WTI oil price forecast for 2018 by 2.7 percent to $53.61, premised on higher-than-forecast production. However, the agency nudged up its outlook for 2017 by 0.2 percent to $50.78.Read more