RE:RE:RE:Timing is important in CorrectionsHere is what Morgan Stanley Really said.Not That anyone takes a self serving banks forecasts too much to heart.
(Reuters) - Brent and U.S. crude oil each fell more than $2 a barrel on Monday to a new five-year low amid a rising number of predictions that oversupply would extend well into 2015.
OPEC member Kuwait said Monday it expected prices to remain in the doldrums for about six months.
Prices continued to decline following a Morgan Stanley report that revised its oil price forecasts lower. In a report dated Dec. 5, Morgan Stanley said oil prices could fall as low as $43 a barrel next year. The U.S. investment bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to $88 a barrel for 2016.
"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," Morgan Stanley analyst Adam Longson said.