NEW YORK: Oil prices could fall to as low as US$40 a barrel next year as more efficient refining capacity comes online and production costs for some regions fall, Deutsche Bank said in a research note.
“The most underappreciated issue is the combination of poor demand with major new refining capacity additions and the extent to which that will undermine light sweet crude prices,” the bank said yesterday in the note outlining the downside risk to its 2009 oil forecast. - Reuters
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