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发表于 2015-9-11 09:37
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By Barani Krishnan
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+ q. g7 l8 n b/ I. j' N" `NEW YORK (Reuters) - Crude futures fell on Friday after Wall Street's most influential voice in oil trading, Goldman Sachs, slashed its price outlook through next year, citing oversupply and concerns about China's economy.
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- ]& H! j6 J/ `5 O, IJoining Germany's Commerzbank and a long list of other banks in cutting price projections, Goldman lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62.
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$ G* R# u8 V! E: N" T+ ~, w4 h"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note entitled "Lower for even longer".
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& f3 q, b! r0 d e n$ m1 N6 V) JCiting "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as
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storage continues to fill."4 h# r9 E7 ~ i5 ^" G2 j7 k/ q4 `
& s+ s/ ?; G! ~, h! M# YU.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.
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The front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.' V% f( v/ y: {- R$ E, w& T/ E
! ~5 K' Z: V3 R3 c& xBoth crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. The U.S. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude.% m+ P- @& m! {- V8 N" v
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The oil market is waiting next for a weekly reading of the U.S. oil rig count, due at 1:00 p.m. ET. The data will show for whether oil producers were cutting back on drilling as prices head lower again after a brief rebound in the second quarter.
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Crude prices have more than halved over the past year, with Brent tumbling from nearly $120 a barrel in the middle of 2014 to below $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs.
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7 k3 z- E: {+ _+ R% U" Q( b% R1 zAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.
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4 d, D( M' H( @: t2 F/ o$ ]& [Germany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.
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" U. `0 K. K. d' O( ?Investors shrugged off a report from the Paris-based International Energy Agency, which advises the world's biggest economies on energy policy. The IEA said a move by the world's big oil exporters in OPEC, led by Saudi Arabia, to defend their market share by not reducing production, appeared to be working.4 M% v& a# i0 f% D; ~- ?: Y
: X6 I9 ^; L5 ? p N* `(Additional reporting by Lisa Barrington and Christopher Johnson in London and Meeyoung Cho in Seoul; Editing by Nick Zieminski and David Gregorio) |
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