Oil price downgrade from Credit Suisse.

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The Swiss bank downgraded its forecast for oil prices on January 26. It estimates that WTI Crude prices will be around 37.75 USD/bbl in 2016, down from a previous forecast of 56.44 USD/bbl and around 54.25 USD/bbl in 2017, down form a previous estimate of 63.31 USD/bbl.

Brent Crude is expected to trade at a level of 36.25 USD/bbl in 2016, lowering the previous forecast of 58 USD/bbl and at 54.25 USD/bbl in 2017, down from previous estimate of 65 USD/bbl.

A photo taken on November 1, 2011 shows the logo of the Swiss banking giant Credit Suisse in Zurich. Credit Suisse said on November 1 that third-quarter net profit rose 12 percent from a year ago to 683 million francs (562 million euros, 776 million US dollars), but said it would cut staff by three percent.    AFP PHOTO / FABRICE COFFRINI (Photo credit should read FABRICE COFFRINI/AFP/Getty Images)

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