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Downgrades Abound as Oil Analysts Turn Gloomy on Supply Glut

  • Seaport Global, Barclays, Morgan Stanley lower estimates
  • BP, Shell, Apache among cuts with sentiment ‘worst’ in years
Updated on

Energy analysts are heading for the exits.

A wave of equity analysts downgraded dozens of oil-industry stocks on Wednesday, a day after crude slipped into a bear market, falling more than 20 percent from its highest close this year. Analysts took an increasingly pessimistic view of the world’s ability to soak up the global oversupply of petroleum.