Goldman Sachs (GS) Raises Oil Price Forecast By 32% To $141 A Barrel!
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Goldman Sachs (NYSE: GS) raised its forecast for the average price of West Texas Intermediate oil in the second half of 08 by 32% to $141 a barrel from $107 a barrel.
Goldman said, "We believe that the market is not defying fundamentals but rather experiencing a structural repricing much like it did in 2004, searching for a new equilibrium against an uncertain long-term supply environment."
Goldman also said oil prices will need to rise to bring trend oil demand growth in-line with trend supply growth. It noted that long-dated prices will need to rise on average by 14% above current levels to $148 a barrel.
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Oil Pricing
Dave on May 20, 2008 11:16 AMSo its not up to the oil producing countries or OPEC to set the price of oil its Goldman and Sachs