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Analysts turn bearish on oil prices amid sluggish economy

Analysts are lowering their oil price forecasts for this year on expectations of ample supply, weak demand and a sluggish global economy

ABN AMRO was the latest to cut its price forecast. The bank expects Brent prices to fall from an average of $112 a barrel in the first quarter of 2013 to around $105/b for the rest of the year. Prices for both Brent and WTI will tumble in the second quarter of 2013, ABN AMRO said, to $90/b and $80/b respectively. Prices, though, are expected to recover in the second half of the year. Demand should pick up in the summer, and supply worries and geo-political tensions could intensify boosting prices, the bank said in a note on 25 April. ABN AMRO sees prices trending lower over the next couple years. Brent is forecast to average $100/b in 2014, and could be as low as $90/b in 2015. WTI is seen

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