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发表于 2015-9-11 09:37
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0 T, @1 ]5 G- A; ?$ O. sBy Barani Krishnan
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5 \- V$ Y, x g3 `) J" o1 ENEW 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.* V+ d% \6 S! u2 A
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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.% D. G) T- P4 X9 Z" h( c' R
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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 as8 i# g+ Z3 A- E; x) v2 Q
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storage continues to fill."* i# \8 ~) u" `. w+ [; c
1 x" T z3 w3 M M2 VU.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.) t5 j6 B, J8 A$ _5 {* A' ^: |7 b
7 V6 R7 z' W% L YThe front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.
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Both crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. The U.S. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude.1 s- o' D6 L+ i% j. T# g
( t9 N* n; K1 f$ X2 u" zThe 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.+ I: e& R S1 D) t. q1 `3 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 $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs.
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" I; M- H: N `4 H& SAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.$ V v1 S9 K. d: U6 Z
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Germany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.
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/ j& {6 k# h$ m1 v4 X: l5 VInvestors 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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