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发表于 2015-9-11 09:37
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By Barani Krishnan, `8 C% C/ f( [+ t Z# S& S
) D1 ~/ W& {6 t4 r; iNEW 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.5 t+ f( @) N( z. K3 y) U/ K
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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.* W( P3 f; n( \% ?
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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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, W; j6 w7 C( ]9 {1 aCiting "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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* E! F, k M W! AU.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.7 X7 d$ |1 }& Y
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The front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.2 z" @! y; b1 q) |9 f, P G5 ]
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Both crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. The U.S. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude.
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; a* U6 @; N, c$ g3 _* ?. pThe 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.: o# G$ S& U1 U: N
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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.+ h u! d) ]- {9 o
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Analysts 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.
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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.5 Z7 V7 [: o1 j/ i9 R
& z. ?6 Y3 J4 w" l& _! D. ^(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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