Barclays Capital has cut its oil price forecasts for 2011 and this year, citing concern about the economic slowdown. The bank cut its 2010 price forecast for benchmark US crude by 4 dollars per barrel to $78 and reduced its 2011 forecast by 7 dollars ºer barrel to 85.
The report added, "There is enough fundamental strength to support prices above the $70 which is increasingly looking like a minimum for the basic health of the industry, but there is also enough macroeconomic disquiet to make any breakout of prices to the upside difficult to sustain"
Related stocks: Exxon Mobil Corporation (XOM), ConocoPhillips (COP), Marathon Oil Corporation (MRO), Suncor Energy Inc. (USA) (SU) , BP plc (ADR) (BP), Murphy Oil Corporation (MUR) , Transocean LTD (RIG), Halliburton Company (HAL), Schlumberger Limited. (SLB)
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