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发表于 2015-9-11 09:37
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F% |/ e7 q% K# F3 |By Barani Krishnan3 h% K& t( M' j7 Y: @
3 g+ s E; b& }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." @" }0 S3 B) Y5 g' B# C, b% C
: e2 ^0 s+ D, q1 J! k: zJoining 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 $62.2 q9 F% H# a2 L% f Q6 h# N, G6 o+ [' g* c
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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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) ~- K! t4 h2 l5 DCiting "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as2 z, _4 D& k% }, N! Z6 C
6 ?" B4 l6 y8 I5 S2 h6 gstorage continues to fill."
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. t$ }4 } Q' `9 I( EU.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 $48.19.9 m5 z% u5 m7 Z0 A% z2 Q
0 i2 t v- O* B) U0 zBoth 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.' o* [* X3 e3 m3 B" \
) ]" s9 H6 [8 H- hThe 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.5 k9 Y- r1 C1 ]1 o/ ~8 q! D/ I
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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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Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.' N- Y# W' M- A8 F
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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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" e9 H [8 W8 U6 n7 e _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.
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9 j: m' P- s1 l" j# D6 e7 |(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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