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June 04, 2009

Goldman Forecast: Oil to $85 By Year's End

Nearing on $70 now.

rude oil rose to a seven-month high after Goldman Sachs said prices may reach $85 by the end of the year as demand recovers and supplies shrink.

Oil climbed more than 5% after the bank increased its year-end forecast from $65 a barrel and withdrew its prediction that prices will dip prior to a rally.

"As the financial crisis eases, an energy shortage lies ahead," Goldman analysts Jeffrey Currie in London and David Greely in New York wrote in a research report e-mailed today. The bank set a 12-month price target of $90 a barrel, up from $70, and introduced a forecast of $95 for the end of 2010.

So, even if there is a recovery, it's strangled in the crib for want of oxygen.

And Obama and the Democrats will continue blocking any and all expansion of real energy production.



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posted by Ace at 04:12 PM

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