Saxo Bank: Oil to fall to $40 in 2010

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"The peak of oil may already be upon us now or within the next few years, but the combination of the stable to expanding supply in the short- to medium-term, and the shock to consumption in the world's biggest oil consuming nations in recent years, means enough spare capacity is sloshing around in the world energy system to amply supply the market at the $70 dollar price point as we exit 2009," says Saxo Bank in its new report, Outlook for 2010: Year of Reflation

US light sweet crude for Februar