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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.( Y D. Q8 i* i8 J5 h
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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 $62.0 \2 P) ^, i, y$ o
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"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 B) j8 C: v1 W) \7 `1 D
6 ~* n. ?, Z' r5 S$ x* K2 ^Citing "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as4 g l' U. W% ^: ]
, y/ D: d1 ?! Z+ ]3 H. O3 g8 v$ G2 Tstorage continues to fill."
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) Q9 B5 S: c0 _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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The 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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* ~+ `4 [8 L7 c3 ~& L% b* pBoth 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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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.8 |" Q( p1 K: a0 A% ?
! L' ~( L, S* G4 s- Z- p* sCrude 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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Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.4 U' W7 d: `! |! M6 L
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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-2016.1 H/ C m: O: U7 D' D' \
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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." B: P8 p1 |% b7 X7 v- o! q6 A
7 f8 g/ l' @% H8 j% h(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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