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Crude Falls to One-Year Low on Libya Supply; Goldman Cuts Brent Forecast

October 4 2011, 09:00

FMX|Connect- WWW.FMXConnect.com (Reported on 10/4/2011)

Crude Falls to One-Year Low on Libya Supply; Goldman Cuts Brent Forecast

Source: Bloomberg

Oil fell to its lowest in more than a year in New York on signs of rising U.S. supplies and production from Libya. Goldman Sachs Group Inc. (GS) cut its 2012 forecast for Brent crude.

Futures slid as much as 2.8 percent in New York while Brent fell to less than $100 a barrel. Goldman Sachs said Brent will average $120 a barrel next year, down from $130. U.S. crude inventories climbed for a second week, an Energy Department report tomorrow may show. Libya aims to raise production to more than 500,000 barrels a day by the end of this month, according to the chairman of state-run National Oil Corp. To read the full article, Click Here.

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