Downgrades Abound as Oil Analysts Turn Gloomy on Supply Glut

Energy analysts are heading for the exits.

A wave of equity analysts downgraded dozens of oil-industry stocks on Wednesday, a day after crude slipped into a bear market, falling more than 20% from its highest close this year. Analysts took an increasingly pessimistic view of the world's ability to soak up the global oversupply of petroleum.

"This is like a falling knife -- wouldn't catch it right now," Amrita Sen, the chief oil analyst at London-based Energy Aspects Ltd., told Bloomberg TV in an interview. "We've had people call us and say this is the worst they've seen sentiment in 20 or 30 years."

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1) www.bloomberg.com