石油：看跌

????即使有些人認為2012年油價表現將相當堅韌，油價下跌的可能性仍然很大。是的，2012年石油供應將有所恢復，利比亞石油產量將增加，北海和非洲西部的產量也將企穩。

????但摩根士丹利（Morgan Stanley）預計需求將會放緩，導致2012年上半年油價出現下跌。該公司預計悲觀情形下，明年油價將跌至75美元/桶。

Oil: Bear

????Even if some think oil could prove resilient in 2012, there's still a good possibility the prices will tumble. It's true that oil supplies could recover in 2012 with production picking up in Libya and stabilizing in the North Sea and West Africa.

????But Morgan Stanley sees demand slowing, with prices expected to fall in the first half of 2012. In its bear case, it expects prices to fall to $75 a barrel next year.