Credit Suisse Cuts Q4 Brent Price Outlook Again

Analysts at Credit Suisse on Thursday cut their average Brent oil price outlook for a second time in two weeks to $92 a barrel from $98 a barrel. "We still expect a rebound going into the winter demand season, but later and from lower levels," said Jan Stuart in a report. Stuart and his team also lowered their first-quarter forecast to $87 versus $95, noting that Saudi Arabia's effort to cut back exports is coming too late, which is likely to lead to another correction in the first quarter. For all of 2015, the analysts project Brent price to slide to $91.50, 12% below the $103 average expected this year. "We should reiterate that, given the degree of 'management' required and multiple risks--we will probably see greater volatility," he said. December Brent crude [UK:LCOX4], the global benchmark, fell 74 cents, or 0.9%, to $86.42 a barrel on London's ICE Futures exchange.