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NYMEX crude prices nearly flat in Asia as investors look for demand cues

Published 10/27/2014, 06:19 PM
Updated 10/27/2014, 06:21 PM
Crude flat in Asia

Investing.com - Crude oil prices traded nearly flat on Tuesday in Asia as investors held steady after overnight losses and looked for demand cues.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $80.74 a barrel, up 0.01%, after hitting an overnight session low of $79.46 a barrel and off a high of $81.26 a barrel.

The global Brent crude contract fell 30 cents to settle at $85.83 a barrel on the ICE Futures Europe exchange on Monday.

Overnight, oil prices dropped after U.S. financial institution Goldman Sachs cut its 2015 price forecast for WTI in the first quarter of next year by $15 to $75 a barrel.

The bank expects Brent prices to average $85 a barrel in the first three months of 2015, down from a previous estimate of $100.

Goldman analysts expect WTI to fall as low as $70 a barrel and Brent to $80 in the second quarter of 2015, when it expects oversupply to be most pronounced.

OPEC countries have hinted recently they may leave output quotes unchanged and have stressed the need to adapt to lower prices.

OPEC will hold its next meeting on Nov. 27.

Still, bottom fishing brought oil futures off earlier lows, as many investors have priced in long-term concerns that supply will outstrip demand going forward.

Prices have fallen about 20% in the last three months.

Lackluster U.S. data helped keep the commodity in negative territory as well.

The National Association of Realtors reported earlier its pending home sales index rose by 0.3% last month, disappointing expectations for a 0.5% gain. Pending home sales in August fell by 1%.

Year-on-year, pending home sales rose 1.0% in September, missing expectations for a 2.2% reading following a 4.1% decline in August.

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