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Int’l Oil Prices Slip 2%+; G Sachs Cuts TP for Brent Oil by 5.5% to US$69
Recommend 36 Positive 55 Negative 40 |
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International oil prices caved under pressure today (7th). New York oil futures for May delivery slipped by 2.68% to US$60.33, while Brent oil futures for June delivery waned by 2.76% to US$63.77. The three major oils in Hong Kong crumbled alongside the market. PETROCHINA (00857.HK) last traded at $5.63, down 10.63%. SINOPEC CORP (00386.HK) was last at $3.86, down 5.85%. CNOOC (00883.HK) last printed at $16.4, down 11.06%. Goldman Sachs has lowered its average price forecast for Brent oil futures by 5.5% to US$69 per barrel and reduced its forecast for New York oil futures by 4.3% to US$66 per barrel, reflecting the risk of increased supply from OPEC+ and the possibility of an economic recession triggered by a global trade war. AAStocks Financial News |
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