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Bloomberg: Bernstein Raises 2007 Crude Oil Price Forecast to $59 a Barrel

By Will Kennedy

May 23 (Bloomberg) — Sanford C. Bernstein & Co. raised its forecast for average oil prices in New York this year by 18 percent to $59 a barrel because an increase in gasoline demand may outpace supply growth.

Bernstein raised its ratings on Royal Dutch Shell Plc and ConocoPhilips to outperform on the expectation that their shares will gain ground on competitors.

Bernstein downgraded Chevron Corp. to “market perform.”

To contact the reporter on this story: Will Kennedy in Singapore at [email protected] .

Last Updated: May 23, 2007 03:14 EDT

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