Morgan Stanley cut the oil forecast by 50%.

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Morgan Stanley cuts its oil price forecast by 50%. According to the analysts, the oil price will trade at less than $30 per barrel in 2016. The last estimate from Morgan Stanley was above $50. The low forecast was driven by the fact that OPEC oil-producing cartel refuse to cut production.

The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego

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