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发表于 2015-9-11 09:37
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By Barani Krishnan
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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.: d: o& V, l4 a* e+ f. A1 ?5 o
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Joining 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.. d6 k9 L3 x0 V4 _8 r: R+ v) q) r# v
# h/ O1 `/ I' D! ]' W0 [" Z) y"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".7 ]5 t+ @# U4 R3 Q* I! j
. C& p0 ^ m6 V" ^4 J9 m; t' qCiting "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# G U9 R }1 ^- f9 r
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storage continues to fill."
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U.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.
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6 q9 G( w: K" C3 q9 g, B3 q$ x$ Y) tThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.
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Both 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.
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0 u# Y4 S* \% i( C: Q1 o K4 {; iThe 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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1 N9 `4 w2 @4 B' G! hCrude 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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2 A" R7 k. H1 P& x; p8 qAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.
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Germany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016. \$ q- T% h) M
+ T2 `3 y$ K0 M4 ]6 T, p4 B# KInvestors 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.
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8 k* F* }% M( g F(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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