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发表于 2015-9-11 09:37
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By Barani Krishnan) T8 ?4 O+ L. [- ^0 h4 ]1 N
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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. q: ]+ x' r9 y5 q5 D" a
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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 $62.
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* c7 j7 Y3 K# b. w9 ^& q7 ? \! d"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note entitled "Lower for even longer".
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$ e: @( X& h6 j' r: O# Y4 XCiting "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 as9 T- C9 U s3 E. c
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storage continues to fill."
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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.
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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.
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* F3 q3 [+ s! @/ 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.5 M: m7 U4 D: S! u
3 D# P& T: ]0 ~ t8 J+ J/ p! FThe 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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S; E8 f- @/ I9 lCrude prices have more than halved over the past year, with Brent tumbling from nearly $120 a barrel in the middle of 2014 to below $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs./ x; m1 A$ C8 n1 H& m' }3 S
?) J( J( V0 \Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.4 c, O5 Z" m C4 e8 @) k
* ]: o1 e6 v4 tGermany'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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+ [: A5 G P# r# Z6 H0 k2 O WInvestors 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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(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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