Oil Falls Second Day on OPEC Outlook; Bernstein Cuts Forecasts
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Crude dropped for a second day after Saudi Arabia signaled that OPEC may leave production targets unchanged at its Oct. 14 meeting and the group lowered its forecast for demand for its oil.
Saudi Arabia’s Oil Minister Ali al-Naimi said the market is “very well-balanced” and prices between $70 and $80 a barrel are “ideal.” Sanford C. Bernstein & Co. cut its forecasts for 2011 and 2012 oil prices because of high stockpiles.