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  • Goldman Sachs predicts fall in oil prices to $45 a barrel

    Julia Kollewe
    London Guardian
    Friday, December 12, 2008

    Goldman Sachs has slashed its forecast for crude oil prices to just $45 a barrel next year as demand wanes – in a sharp U-turn from its prediction of a spike to $200 made earlier this year.

    In May, the investment bank’s energy equity team led by Arjun Murti made headlines when it predicted oil could rise to $150 to $200 a barrel within two years. Oil prices peaked at $147 a barrel in July and have fallen sharply since then as a rapidly deepening global economic downturn reduced demand for energy.

    (ARTICLE CONTINUES BELOW)

    Goldman Sachs predicts fall in oil prices to $45 a barrel 161008pptv2

    The team, which also made waves in 2005 by calling crude’s rise to $100, cut its 2009 forecast to an average price of $45 a barrel. The analysts also think prices will bottom out early next year and that a shift from “demand destruction” to “supply destruction” will reignite the oil rally before long.

    Murti’s team predicted a return to positive demand growth and shrinking non-Opec supply would lift prices to $70 a barrel by 2010 and to $105 by 2012.

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    5 Responses to “Goldman Sachs predicts fall in oil prices to $45 a barrel”

    1. Civil Says:

      Let’s be glad these guys know what they are doing !

    2. dRapNOid Says:

      Who gives a flying FUCK what they think.

    3. Alex (not Jones) Says:

      Ah yes Goldman [there is no recession everything is fine and the economy is in the best shape ever] Sachs? I’d listen to them for sure!

    4. BALLS Says:

      Goldman WHO ?? Didn’t they go belly up ? Goes to show you how stupid they consider us to be . They think , and unfortunately are pretty right , we already forgot . That we will listen to their advice and give them what little money we have left as an investment in the “MARKET” .
      Also , why do they need our cash ? They already got a large portion of our future with the undisclosed amount they surely got from TARP .
      Fuck Them !!

    5. 9/11 Says:

      Bought oil recently and holding long term. even if it takes two years to reach $80 which I doubt.
      The bank is offering nowhere near that return for deposits.
      No brainer!!!
      Low risk capital defense stratergy at current price.


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