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BNP Paribas sees 2014 oil price swings as OPEC moves to balance US supply

Posted on 26 February 2013

BNP Paribas expects the price of crude oil to be broadly unchanged on-year through 2014, but with wild swings likely in mid-year as the Organization of the Petroleum Exporting Countries makes moves to balance the market in the face of U.S. supply growth. In its first forecasts for 2014, published Monday, BNP Paribas said it expects supply-demand challenges to balance each other out and financial conditions to become less supportive of any material move higher in the price of crude.
But as bottlenecks ease in the U.S., and the price-supportive environment afforded by a weak dollar and loose monetary policy reverse with economic improvement, OPEC is likely to respond with supply cuts in order to defend a price floor commensurate with the financial needs of its Gulf member states………………………………………..Full Article: Source


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