Brent falls over 1 percent after Goldman forecasts lower prices

Brent crude fell more than 1 percent on Tuesday, paring overnight gains of nearly 6 percent, after Goldman Sachs (GS.N) said prices needed to remain low for months to achieve a slowdown in U.S. output growth. Benchmark prices had surged on Monday as traders pushed back expectations of how quickly Iran might increase exports after a preliminary nuclear deal and judged that a months-long rise in U.S. crude inventories may be slowing. Brent May crude (LCOc1) dropped 63 cents to $57.49 a barrel by 0453 GMT after hitting $58.24 in the previous session, its highest since March 27.

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