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发表于 2015-9-11 09:37
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By Barani Krishnan% | `1 h' N/ ]+ y7 H
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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.% Y r2 O0 S( V7 [
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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 $62.3 \% w' [# g" c, p( } x6 s
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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".9 G1 j6 {4 t: Q9 x: w# K
- @* K* s! F& A8 QCiting "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
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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.1 f- b7 ?. F& u
$ ^3 ?) [, r. P+ M w/ qThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.# U( C9 a1 ]5 K, M9 u0 d. I) R, `
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Both crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. The U.S. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude.; a; o H. ]0 K- Q3 C# I: D: U
' j8 C" v( w$ v8 RThe 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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% T: j7 _% v* t) rAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.6 w! S+ M* h( m
* A5 }% a1 M: a4 `Germany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.; N+ f" b" z/ B. ?
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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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(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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