Bernstein Cuts Oil Forecast to $50 on Weak U.S., China Demand

By Will Kennedy

Feb. 3 (Bloomberg) -- Sanford C. Bernstein & Co. cut its average oil price forecast for 2009 to $50 a barrel from $70 because of weaker demand in the U.S. and China and spare production capacity. The firm cut its prediction of natural gas prices to $8 a thousand cubic feet from $8.75.