12.01.201505:04:11UTC+00Oil prices extend falls; Goldman Sachs slashes forecasts

Global oil prices dropped more than $1 a barrel on Monday as Goldman Sachs cut its short-term forecasts.

Both Brent and U.S. crude are at their lowest since April 2009 and have fallen for 7 straight weeks.

Analysts at Goldman Sachs cut their average forecast for Brent in 2015 to $50.40 a barrel from $83.75. They lowered their forecast for U.S. crude to $47.15 a barrel from $73.75, saying it would need to stay near $40 for most of the first half of 2015 before it would hold up shale oil investments.

U.S. crude oil for February was down $1.11 at $47.25 per barrel at 0803 GMT. The February Brent contract was down $1.37 at $48.74 a barrel.