Oil Price Forecast for 2011 Cut to $88 by ANZ Bank
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Australia & New Zealand Banking Group Ltd. lowered its forecast for crude oil in New York by 1 percent next year, citing higher-than-average inventories and slowing economic growth in the U.S.
Oil futures will average $88 a barrel in 2011, Mark Pervan, a senior commodity analyst at ANZ, said in a report today. The company also cut its 2010 price estimate by 1.7 percent.