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发表于 2015-9-11 09:37
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' ^2 M( S; z$ U4 |" fBy Barani Krishnan
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( R$ G& C4 M0 Z% A( hNEW 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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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.' `) n f. d* D- Z8 t
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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".
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Citing "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as
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$ H( P: a( W4 N: b1 b1 ]* o1 I+ Xstorage continues to fill."# o8 g# i+ Q `# | K2 i
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U.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.' D6 j$ J( m6 f$ o/ N4 W
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The front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.9 y1 W$ R: F/ d
' X4 D4 v; A. i7 L8 @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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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.# H9 K0 }7 d I/ Y7 Z7 T7 p# z( Y
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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 $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs.
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' d( _5 P: e+ o1 N$ ^3 _' ]Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.: h4 x' o {& f0 F n" h- b
8 h; K. p/ D: b: eGermany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.8 Q2 X$ e! F% q; s L
8 M$ t; B0 P/ [8 EInvestors 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.# j( K' V ~: v$ x+ o( H5 t7 Z
/ K* a$ @! D: F- E(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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