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researcher59

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researcher59

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Monday, 10/13/2008 5:38:32 PM

Monday, October 13, 2008 5:38:32 PM

Post# of 173758
Goldman Sachs cuts their oil price forecast to $65/bbl .... but they don't have much credibility - their prior forecast was way off ....

Goldman sees oil dropping to $65 in 1Q '09 - DJ

DJ reports Goldman Sachs now sees oil prices declining to $65/barrel in 1Q as demand declines due to global slowdown. "The cyclical downturn will last at least through the first half of 2009, with sustained improvement in global GDP the key to the cycle's turning back up." In May, Goldman predicted oil prices would either stay above $100 for a long period or would "super-spike" to $200 next year before falling sharply. They now see the average price of oil next year at $75/barrel.



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