NYMEX Crude            $  44.63 DN $1.2900

Oil prices settled back under $45 a barrel on Friday, suffering a weekly decline of about 3%, as Goldman Sachs cut its price forecasts and warned that the market’s surplus of crude supplies may push prices near $20 a barrel. News that Saudi Arabia doesn’t back holding an emergency Organization of the Petroleum Exporting Countries’ meeting aimed at stopping crude’s slide and falling U.S. refinery activity added further pressure to oil, but data showing a weekly decline in active U.S. oil-drilling rigs helped prices pare some losses.

October West Texas Intermediate crude slid $1.29, or 2.8%, to settle at $44.63 a barrel on the New York Mercantile Exchange, for a weekly fall of 3.1%.

Brent crude shed 75 cents, or 1.5%, to $48.14 a barrel on the ICE Futures exchange, leaving it down 3% for the week. The global supply glut in the oil market is even bigger than expected and could push Brent prices near $20 a barrel, Goldman Sachs analysts warned in a report on Friday. Goldman’s note is the main driver for oil’s decline Friday, said Tariq Zahir, a managing member at Tyche Capital Advisors. The analysts also cut their 2016 Brent oil target to $49.50 a barrel, down from $62. But they added that oil prices are likely to bottom in six to nine months, as U.S. production falls “sufficiently to start rebalancing the market.” Earlier this week, theEnergy Information Administration lowered its price forecasts this year and next for both WTI and Brent.

Meanwhile, U.S. refinery activity is starting to get taken off line for seasonal maintenance, Zahir said, pointing out that a report from the Energy Information Administration released Thursday showed a “significant decline in refinery utilization.” Demand for crude oil will “be less in the weeks to come which, in turn, will provide…some eye-opening builds in inventories,” Zahir said. “We definitely feel we will see the lows we have seen earlier this year as we go through refinery maintenance, [though it] may take a few weeks.”

It wasn’t all gloomy news for crude Friday. The International Energy Agency said in a report that the oil-price slump could force the U.S. and other non-OPEC producers to carry out their deepest production cuts next year since the early 1990s, but that could potentially lead OPEC to boost output even more.

Baker Hughes meanwhile, released data Friday showing that the number of active U.S. oil-drilling rigs fell 10 to 652 as of Sept. 11.