Tags: ms | brent | crude | oil

Morgan Stanley Cuts Outlook for 2012 Oil Price

Wednesday, 28 Sep 2011 06:03 PM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Morgan Stanley said Brent oil will average $100 next year, down from a previous projection of $130, because of increasing supply and a weaker demand outlook.

Production capacity in the Organization of Petroleum Exporting Countries will climb almost 800,000 barrels a day in 2012, led by the return of Libyan fields, Morgan Stanley analysts led by New York-based Hussein Allidina said in a report Wednesday. Non-OPEC output will rise 225,000 barrels.

Slowing global economic growth will result in reducing demand growth, the analysts said. Consumption will advance 600,000 barrels a day in 2012, down from a 950,000 gain this year and 2.7 million barrel advance in 2010.

Brent oil for November settlement fell $3.33, or 3.1 percent, to end the session at $103.81 a barrel on the London- based ICE Futures Europe exchange Wednesday.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved