Oil falls for a fifth day as Goldman sees crude at $45 by October

Oil slid in New York for a fifth day as Goldman Sachs Group said a continuing surplus will send prices back down to $45 a barrel by October.

Futures dropped as much as 1.7 per cent in New York, extending a 2.4 per cent decline in the past four sessions. Crude is poised to revisit earlier lows as producers' easy access to cash will prolong a surplus and weigh on prices later this year, according to Goldman Sachs.