BofA Merrill sees risk of Brent sliding to $40 per barrel near term

BofA Merrill sees risk of Brent sliding to $40 per barrel near term
# 08 January 2015 10:36 (UTC +04:00)

Baku - APA-Economics. Bank of America Merrill Lynch said Brent prices could reach $40 per barrel in the near term, leaving producers, including Saudi Arabia, with no alternative but to cut output, Reuters reported.

"We see a growing risk of WTI and Brent falling to $35 and $40 per barrel near-term to force either non-OPEC producers or Saudi to cut," the bank said in a research note on Tuesday.

The bank said the term structure of oil continues to weaken and inventories are piling up, setting the stage for lower prices in the first quarter of this year.

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