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West TX Oil Drops to $81 on Expected Fall in Stocks

U.S. crude futures fell back below $81 a barrel on Tuesday in early Asian trade, pressured by Goldman Sachs slashing its price forecasts and expectations of a rise in U.S. crude inventories.

NYMEX crude for December delivery was down 42 cents at $80.58 a barrel by 0008 GMT, after settling down 1 cent on Monday. On Monday, the contract dropped to $79.44 per barrel, its lowest level since June 2012.  London Brent crude for December delivery was down 58 cents at $85.25 a barrel, after settling down 30 cents.

Citing rising production and insufficient demand, Goldman Sachs cut its forecast for Brent to $85 a barrel from $100 for the first quarter of 2015 and reduced its projection for U.S. crude to $75 from $90.

CNBC [1]

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