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Morgan Stanley cuts oil price forecasts for 2015

Morgan Stanley cuts oil price forecasts for 2015
UAE –Mubasher: Morgan Stanley has lowered its Brent forecasts for 2015 amid the continued deterioration in oil prices and global oil markets.
The lender expected that Brent prices will decline from $98 to $70 in 2015.
In addition, expectations for 2016 prices were lowered from $102 to $88 per barrel.
These forecasts came on the back of continued deterioration in oil prices, especially after OPEC’s latest decision to maintain output ceiling at 30 million barrels per day. Thus, oil prices declined below the psychological barrier of $70 per barrel.
According to Morgan Stanley, the oil prices will continue deteriorating in the next period amid fierce competition for market shares.

Photo Credit: Arabianeye-Reuters