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Goldman's Currie: "Too much money" in oil

May 19, 2015 3:07 PM ETUCO, USO, OIL-OLD, DBO, TWTI, USL, UGA, UHN, DTO, OLO-OLD, SCO, DNO, BNO, UWTI, DWTI, SZOXF, OILBy: Stephen Alpher, SA News Editor48 Comments
  • "We have Russia sitting at an all-time high [production], Iraq at an all-time high, Saudi at an all-time high. And you put that together and it’s not a very positive picture,” says Goldman commodity analyst Jeff Currie, speaking at a conference.
  • Currie and team earlier this week cut their medium and long-term price forecasts for crude, seeing $60 per barrel in 2017-18 (vs. $65 previously) and then just $50 by 2020.
  • WTI crude is lower by 3.6% today to $58 per barrel, its lowest price of the month.
  • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM

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