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发表于 2015-9-11 09:37
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By Barani Krishnan% l% ~9 }7 W5 t3 c
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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.
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. ~, F+ l$ ~8 G1 [1 l: RJoining 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 $62.
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C5 |) x1 [+ _6 v2 d6 `8 V |"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note entitled "Lower for even longer".
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2 k& B$ i- w, \; _# t: F7 i* H6 j ^Citing "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as5 ]% [+ m$ {: p6 a
|- T( L m9 r5 w' Nstorage continues to fill."
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8 k, R( o: F2 W* q$ L6 V, v. _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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5 t. w4 r: t6 {4 TThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.
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# f2 f l: i$ k; L+ f k' tBoth 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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7 F# ?2 ?0 g( v/ s) {% w) f/ t7 F6 NThe 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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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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* U1 s) T3 b1 I! Q! {1 XAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.
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7 k3 g3 \& V6 _9 L I( Y; g) I/ N5 h3 xGermany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.! P$ H: T$ o+ F& k1 A9 ?! [. S8 n1 Q
- S3 r% ^( P. `- e) OInvestors 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.2 g0 t7 p j% D% U3 L" h" g: T
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(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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