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发表于 2015-9-11 09:37
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( ]3 ]4 ^& [1 e4 Q# |By Barani Krishnan
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. H5 u. P' t: F7 m7 f3 P* I _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.9 {: E f8 ~$ Y3 X; u7 O2 m; m
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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.; {/ T1 J2 ?8 T* j' f. l
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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".6 W: `+ q3 _9 g, K6 F- q9 M0 A
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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% J& T6 K' M9 X( H1 {/ {) P4 z
/ d M- L; ^9 vstorage continues to fill.": H# U% Z# B6 i, {2 M) N6 J( `
; r( Z4 ?; K0 o8 f6 g. {# k/ ^U.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.
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6 `$ H! J6 m& h- q+ F2 u7 cThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.5 q: L; G {0 X1 k5 W/ p: z
, f. B8 E9 Z+ ~4 n! k( F2 D2 jBoth 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.
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4 ^! \( m7 x) U0 N4 A8 ]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.
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7 c* I: X5 ?1 x, j. R/ }5 QGermany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.$ X" Z$ }6 b, s
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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.
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; J6 n4 X+ v8 v; O* }/ G. s6 ~1 h) P(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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