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Posted by Monitor on August 20, 2008, 1:24 pm
Goldman Reiterates Forecast That Crude Oil Will Rebound to $149/Barrel
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Goldman Sachs Maintains View That Oil Will Top Record This Year
Aug. 20 (Bloomberg) -- Goldman Sachs Group Inc. repeated its forecast
that crude oil prices will rebound to $149 a barrel by the end of the
year as supply growth struggles to keep pace with demand from emerging
markets.
Goldman maintained its forecast even after oil futures slid $30 from
their July 11 record of $147.27 a barrel. Fundamentals of supply and
demand are still more important in setting oil prices than investor
flows linked to movements in the U.S. dollar, Goldman added.
``We expect declining trend oil supply growth and supportive emerging
markets oil demand growth to continue to offset demand weakness'' in
developed economies, London-based Goldman analyst Jeffrey Currie said
in a report.
Prices will be supported by a combination of disappointments in
production outside the Organization of Petroleum Exporting Countries,
this month's supply disruption in the Caspian Sea and the absence of
any increase in consumers' oil stockpiles during the second quarter,
when inventories normally rise, Goldman said
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