1. From the Wall Street Journal : <link removed>
Merrill Lynch was the latest to cut its 2009 global growth forecast, with the bank now expecting oil demand to grow by 400,000 barrels a day, down from an earlier prediction of 783,000 barrels a day. Analyst Francisco Blanch cut his 2009 price forecast to $90 a barrel from $107.
2. From Bloomberg : <link removed>
Crude-oil prices may fall as low as $50 a barrel next year, about half current levels, in the ``unlikely'' event of a global recession, weighing on shares of petroleum producers, Merrill Lynch & Co. said.
Such a scenario, where global growth in Gross Domestic Product falls to 1.5 percent, isn't the base-case forecast, the bank said today in a report. Merrill cut its 2009 average price estimatefor West Texas Intermediate, the U.S. benchmark oil grade, by 16 percent to $90, citing falling demand and the start of new fields in Organization of Petroleum Exporting Countries.
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For me, it is good to read, digest and watch. Still so much uncertainty about the bailout exit which will impact the consumption.
Merrill Lynch was the latest to cut its 2009 global growth forecast, with the bank now expecting oil demand to grow by 400,000 barrels a day, down from an earlier prediction of 783,000 barrels a day. Analyst Francisco Blanch cut his 2009 price forecast to $90 a barrel from $107.
2. From Bloomberg : <link removed>
Crude-oil prices may fall as low as $50 a barrel next year, about half current levels, in the ``unlikely'' event of a global recession, weighing on shares of petroleum producers, Merrill Lynch & Co. said.
Such a scenario, where global growth in Gross Domestic Product falls to 1.5 percent, isn't the base-case forecast, the bank said today in a report. Merrill cut its 2009 average price estimatefor West Texas Intermediate, the U.S. benchmark oil grade, by 16 percent to $90, citing falling demand and the start of new fields in Organization of Petroleum Exporting Countries.
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For me, it is good to read, digest and watch. Still so much uncertainty about the bailout exit which will impact the consumption.
