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2013 oil supplies to be ‘much higher’ than demand: Jefferies

Posted on 21 December 2012

The interminable budget talks in Washington are causing oil prices to fluctuate this week and oil future contracts are trading lower Thursday morning as fiscal cliff negotiations stall. On Wednesday oil prices were headed higher after government data showed a decline in weekly inventories.
Andrew Lebow, senior vice president of energy derivatives at Jefferies Bache, tells The Daily Ticker that he’s “bearish” on oil prices because supplies will exceed demand in the U.S. and globally next year. He lowered his estimated trading range to $75 to $100 per barrel from roughly $77 to $110 this year………………………………………..Full Article: Source


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