A grim forecast on oil futures from Goldman Sachs pushed the price for West Texas Intermediate close to a 10-year low early in the Wednesday session.

The price of for WTI, the U.S. oil benchmark, fell nearly 2.4 percent from the previous close to trade at $45.13 for the March contract early in the trading day. That's close to February 2005 levels and marks a 14 percent drop in price since the start of 2015.

Goldman Sachs sparked further pessimism in the crude oil market in mid-January by trimming its six-month prediction for Brent from $70 to $43 per barrel. Goldman strategists in a research note Wednesday said there were still downside risks in global commodity markets.

Oil prices are trading at less than half of their June 2014 values as markets swing to the supply side in a weakened global economy and a rise in U.S. oil production. A November decision from the Organization of Petroleum Economies to keep output steady added further downward pressure to oil prices.

While the low price of oil has been a source of de facto stimulus for consumers paying less for energy products like gasoline, the climate is negative for oil producing countries that depend heavily on export revenue.

BP this week enacted a pay freeze as it, as well as other companies, announced spending cuts in the weak price environment.

The price for Brent crude oil, the global benchmark, fared better than its U.S. counterpart, falling 1.1 percent from the previous session to trade near $49 per barrel, sustaining its price below the $50 threshold.