Oil prices tumble further after Morgan Stanley cuts forecast [View all]
Source: CNBC
Oil prices fell to a five-year low on Monday, after Morgan Stanley cut its 2015 forecast for Brent crude, citing oversupply.
The bank said crude prices could average as little as $53 per barrel in 2015, although its base case scenario was for $70. This was down from an earlier estimate of $98.
"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015. Prices are set up to fall in the first half of 2015," said analysts Adam Longson and Elizabeth Volynsky in a report out late on Friday.
The price of crude has declined by around 40 percent since June, with Brent futures hitting $67.52 on Monday – its lowest level since October 2009.
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