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发表于 2015-9-11 09:37
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# \ V+ G: G2 o4 Z+ GBy Barani Krishnan' ^! D5 k: O1 v1 n! @: V
2 J( a: \. k8 T- d3 A1 WNEW 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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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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"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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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."3 W. L& o( I8 l4 z( W
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U.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.. q: v' T5 {$ \4 M( l' P: 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 $48.19.6 W* d8 ]( V) V! D* A
8 G! p7 j# D& e9 Q& N- lBoth 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.8 E% A/ E+ g% B& ~6 V; [
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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 $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs.
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& E0 T+ X$ h8 e6 G8 K% _Analysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.1 }8 s4 a3 ]# m0 |+ z: b
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Germany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.
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g0 w5 Y/ o1 z8 ]7 j/ g6 QInvestors shrugged off a report from the Paris-based International Energy Agency, which advises the world's biggest economies on energy policy. The IEA said a move by the world's big oil exporters in OPEC, led by Saudi Arabia, to defend their market share by not reducing production, appeared to be working.1 v9 e4 M g' q$ [
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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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