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Crude Oil May Rebound to $57 Next Year, Analysts Say

  • Both global benchmarks seen rising as supply glut eases
  • U.S. producers would be biggest winners on price rebound
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BofAML's Blanch: Buy This Oil Dip Ahead of Rebound to $50

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Oil closed in a bear market Monday, but don’t abandon hope. Analysts are looking beyond the current slide to next year for a rebound.

Crude has plunged by more than a fifth in less than two months as refineries created a glut of gasoline while failing to eliminate excess supply of crude. That wrecked refining margins and hurt the earnings of Exxon Mobil Corp., BP Plc and Royal Dutch Shell Plc. Yet, global oil prices will average $57 a barrel in 2017, according to the median of at least 20 analyst estimates compiled by Bloomberg.