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Morgan Stanley Raises 2012 Forecast for Crude

Morgan now predicts $105/barrel in 2012, up from its previous forecast of $95. (tightening spare capacity, per research note.)

“Assuming that demand returns to growth, we see global spare capacity back to 2007/08 levels by 2012, and getting even tighter thereafter,” Morgan Stanley said.

Morgan assumes oil demand will fall by 2 million barrels this year, go up by 1 million next year, then grow 1 percent thereafter.

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