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Saturday, November 14 - 2009

Merrill Lynch cuts oil forecast to $50

  • Middle East: Wednesday, November 26 - 2008 at 14:36

Merrill Lynch has cut its 2009 oil price forecast to $50 a barrel from $90 due to falling demand, reported Bloomberg. The US bank also lowered its 2010 forecast to $70 a barrel from $100 based on concerns that OPEC will be powerless to support the market as fuel demand dips.

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