FXStreet (Mumbai) - Analyst at Goldman Sachs believed the recovery in oil prices towards the end of January was only a dead cat bounce. The Wall Street banker said that the black gold is set to record new multi-year lows below $ 26, despite chatter around OPEC coming to save the oil markets. Goldman Analysts noted in its latest report: "It may already be too late for OPEC producers to be able to prevent another large decline in prices." "We continue to view a coordinated production cut as highly unlikely and ultimately self-defeating." “Giving in now would backfire on OPEC by allowing U.S. production -- which is slowly declining -- to rebound. That's because the American shale oil companies that have powered the U.S. energy boom would be able to quickly ramp up output once prices rise.” For more information, read our latest forex news.