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Oil falls as banks cut price forecasts

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices fell on Tuesday as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018.Benchmark Brent crude was down 15 cents at $46.73 a barrel by 1310 GMT. U.S. light, sweet crude was 15 cents lower at $44.25."The fundamental mood has taken a turn for the worse," Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told Reuters Global Oil Forum.BNP Paribas slashed its forecasts for Brent by $9 to $51 a barrel for 2017 and by $15 to $48 for 2018. Barclays also cut its 2017 and 2018 Brent ...

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First Published: Tue, July 11 2017. 18:51 IST
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