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发表于 2015-9-11 09:37
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6 |+ B7 i+ C; P1 f1 {By Barani Krishnan/ j5 Y; f- l: n9 I# Z; }" [1 j
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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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5 N) m2 M9 X8 E. e/ Y" HJoining 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 $62.
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"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note entitled "Lower for even longer".% P1 ? e6 |, P; ^$ [9 m( R
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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
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storage continues to fill." c. X+ _1 L# J8 ?! `" k2 ^
5 J6 Z# G1 x% Z- `7 Z" yU.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT./ v: P; S, S0 a$ c6 f8 ]
; c3 X- T+ Q' Q& AThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.
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" Z1 w& B" `9 ^+ a$ S# h( g1 aBoth 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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, U" x9 t- h* u4 ] j# S% ]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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3 ~0 }/ W- o1 Z: j0 T) ECrude 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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0 j* H( H2 y6 {( B/ P4 N& bAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.
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# J: l/ b% U* _& g) K+ ^Germany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.3 e9 Z% M& V A
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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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7 B7 v8 z% Y. T9 s5 s4 f2 T(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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