- Prison Planet.com - http://www.prisonplanet.com -
Goldman Sachs predicts fall in oil prices to $45 a barrel
Posted By admin On December 12, 2008 @ 10:18 am In Money Watch | Comments Disabled
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)
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.
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/goldman-sachs-predicts-fall-in-oil-prices-to-45-a-barrel.html
URLs in this post:
 Image: http://www.prisonplanet.tv/subscribe.html
 FULL STORY CLICK HERE: http://www.guardian.co.uk/business/2008/dec/12/oil-prices-goldman-sachs
Copyright © 2013 PrisonPlanet.com. All rights reserved.