(Bloomberg) -- Merrill Lynch & Co., the world's third- largest securities firm, raised its price estimates for crude oil this year on expectation of lower supplies from producers outside the Organization of Petroleum Exporting Countries.
The bank raised its forecast for West Texas Intermediate, the benchmark crude traded in New York, to $66 a barrel in the third quarter, up from an earlier $60.50. WTI will average $67.50 a barrel in the fourth quarter this year, up from $61.50, Merrill said today in an e-mailed note.
Read more at Bloomberg Energy News
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