Goldman Sachs: Oil's heading to $40 if OPEC fails - BBG

Analysts at Goldman Sachs noted in its latest report on oil published late-Monday, that oil prices could fall back to $ 40 in case of a failure on the OPEC output cut deal at its the Nov.30 Vienna meeting.

Key Quotes via Bloomberg:

“The lack of progress on implementing production quotas and the growing discord between OPEC producers suggests a declining probability of reaching a deal on November 30” 

“The lack of an agreement so far has pushed oil prices sharply lower, with weakening oil fundamentals warranting oil prices in the low $40s a barrel in our view if OPEC is unable to deliver a convincing agreement”