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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

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.

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Goldman Sachs predicts fall in oil prices to $45 a barrel 161008pptv2 [1]

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.

FULL STORY CLICK HERE [2]


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[1] Image: http://www.prisonplanet.tv/subscribe.html

[2] FULL STORY CLICK HERE: http://www.guardian.co.uk/business/2008/dec/12/oil-prices-goldman-sachs

[3] ‘OPEC may cut output as oil prices set to fall further’: http://www.prisonplanet.com/opec-may-cut-output-as-oil-prices-set-to-fall-further.html

[4] Goldman Sachs Predicts Gold To Hit $1650 Within 12 Months: http://www.prisonplanet.com/goldman-sachs-predicts-gold-to-hit-1650-within-12-months.html

[5] Oil Recession: Analyst Foresees Oil at $40 a Barrel or Lower: http://www.prisonplanet.com/oil-recession-analyst-foresees-oil-at-40-a-barrel-or-lower.html

[6] House prices ‘will fall further 25% in 2009′, warn analysts: http://www.prisonplanet.com/house-prices-will-fall-further-25-in-2009-warn-analysts.html

[7] Food prices to rise globally as energy prices edge higher: http://www.prisonplanet.com/food-prices-to-rise-globally-as-energy-prices-edge-higher.html

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