Merrill Lynch: Oil to remain above $50

NEW YORK (Reuters) – Merrill Lynch on Wednesday forecast oil prices would stay above $50 a barrel, despite a recent slide in prices, citing refinery bottlenecks and the higher prices commanded by crude on the futures market. The oil markets are in a “super contango” phase, in which crude oil contract prices for the front month are significantly below those of future months, reflecting a temporary supply surplus, Merrill said.

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