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发表于 2015-9-11 09:37
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By Barani Krishnan
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* O! u; E$ y/ O: `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.4 V: z* T5 n# u- f3 m+ S5 P+ e* o3 W
( P' {! y; W5 C! i- LJoining 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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"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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1 { x+ C, {: T! yCiting "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! \0 K% M6 \2 m
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storage continues to fill."& D- ]3 a) k8 L' p" H
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U.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.( v2 ^" ^0 u$ `% f' z3 P
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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.: X- V5 e: A, g
$ i Y A, R8 m: nBoth 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.9 @2 z* v, x: V
; `; [7 x# [# L' s4 dThe 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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) n ]$ k- p+ Y# G& |: B- \6 A* TCrude prices have more than halved over the past year, with Brent tumbling from nearly $120 a barrel in the middle of 2014 to below $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs.) z- \% l, R- b& k; Q
4 Z# [: g# t- Q6 ?! `Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.4 K# p/ F) Z3 @3 M% h H, `
- J: u* G: }$ ~- J2 P& a+ _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.4 V9 z& Z8 K" B0 q7 g
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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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