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Message: WTI vs BRENT
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J.P. Morgan analysts cut their 2009 oil price forecast to $43 a barrel from $69



Trend-line support is roughly the $38 mark, said Edward Meir, an analyst at MF Global.
"Given how gloomy the outlook is at the moment, particularly in the aftermath of the OPEC decision, we very well could test this level by early next week," Meir said.

"Below $38, we don't see anything until the $25 level," Meir said. "This is admittedly a rather dramatic set of chart-based forecasts for a complex that only six months ago looked like it could do no wrong on the upside.

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