Oil at $40 as Bad as It May Get in Long Run With OPEC Tumult
- Morgan Stanley sees $40-$55 for most of 2017 even if no deal
- Oil weakness unlikely to be sustained amid growing demand: FGE
Lewis-Davies: OPEC Struggles to Make 'Meaningful' Cut
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A failure by OPEC to trim output may push crude below $40 a barrel. It’s unlikely to stay down there for long.
Prices will probably range from $40 to $55 for much of 2017, Morgan Stanley said in a note published Nov. 29, a day after Goldman Sachs Group Inc. predicted oil will average $45 a barrel through next summer. With global demand recovering, weakness in crude -- even if producers fail to reach an agreement in Vienna-- is unlikely to be sustained, according to industry consultant FGE.