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LONDON: As oil prices sag despite OPEC's renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: The outlook for next year isn't great either.Morgan Stanley and JPMorgan Chase & Co. say the group will have little choice but to stick with the cuts even longer.Resurgent supplies from U.S. shale drillers and fading growth in fuel demand mean world oil markets could face another overhang next year, the banks predict. Even if OPEC extends its output accord for all of next year, it may only succeed in stopping further stockpile increases, he said.
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