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by Stockwatch Business Reporter
West Texas Intermediate crude for February delivery, the benchmark in North America, lost $2.29 to $46.07 on the New York Merc, while Brent for February, the benchmark in Europe, lost $2.68 to $47.43, its first time closing below $50 since April, 2009 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $13.95 to WTI ($32.12), up from a discount of $14.30. Natural gas for February, the international benchmark, lost 15.1 cents to $2.79. The TSX energy index fell 9.60 points to close at 198.59.
Oil benchmarks wobbled and fell after analysts at Goldman Sachs reduced their price forecasts, predicting that WTI will trade at $41 (U.S.) and Brent at $42 (U.S.) in three months. The previous forecasts were $70 (U.S.) and $80 (U.S.), respectively. Goldman no longer believes that OPEC will help balance the market through production cuts in the second half of 2015. The bearish report coincided with news that Canadian Natural Resources Ltd. (CNQ), one of Canada's biggest oil and gas producers, has slashed its budget to $6.2-billion from $8.6-billion, nearly 30 per cent. Its shares lost $1.36 to $31.81.
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