Citigroup Cuts 2012 Estimates on WTI and Brent (USO) (OIL) (UCO)
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In a report today, Citigroup trimmed their forecast on crude oil. They cut estimates to $94.10 and $113.10 respectively for both WTI and Brent. Previous estimates called for $95 WTI and $115 Brent.
The price forecast reduction came in a quarterly outlook report by analysts Edward Morse and Heath Jansen. The bank kept its 2013 forecasts at $85 for WTI and $99 for Brent.
Traders have been using ETFs such as United States Oil (NYSE: USO), iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL), and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO) to gain exposure.
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The price forecast reduction came in a quarterly outlook report by analysts Edward Morse and Heath Jansen. The bank kept its 2013 forecasts at $85 for WTI and $99 for Brent.
Traders have been using ETFs such as United States Oil (NYSE: USO), iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL), and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO) to gain exposure.
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