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发表于 2015-9-11 09:37
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By Barani Krishnan0 e% N+ u, X: d8 q
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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.$ { J/ x8 D% F( k7 J
8 F1 W4 k. O: S& M4 PJoining 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 $62. ~+ X1 m5 p/ [7 A, f) j
" P6 ~( d$ T& T0 c"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"./ t4 R4 Q4 T) O* \
$ _+ f" C3 N/ s+ @& q1 ICiting "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as% s$ e3 c* @& z2 y3 O m
8 p3 N/ Q9 i( jstorage continues to fill."
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& u% Q6 k1 n3 u- a. g' `' Q! d! XU.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.! D( s2 m( K i, ?
/ V( ^2 ]" ^' p" TThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.- m! t* R5 g3 Q# F) `8 m
$ Z: ~' L/ T1 G0 |, t, A1 XBoth 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. {/ ~# {* G6 I- y
6 N5 B1 [ i# X6 z" J/ jCrude 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.; V1 Z0 H( }; d9 N- R9 y
8 t8 w9 C! x9 f& T! {8 sAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.
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: N3 Y. ?& S1 g5 O/ ?7 ^( O& oGermany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.9 ~1 h' m' {/ v6 C: @5 @1 a. v
" N, F9 A% i) B* G6 y' b4 ` ]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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