President Barack Obama Message Board

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Politics : President Barack Obama

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To: stockman_scott who wrote (99157)	8/7/2011 9:00:42 PM
From: tejek	Read Replies (1) of 149317

In May, GS said Brent crude would be at to $120 by August: Goldman Sachs Issues Buy Recommendation on Crude Oil Then last week on May 23rd, Goldman completed its flip-flop, recommending that clients buy December 2012 Brent crude oil futures (BRN2Z-ICE) at $105.16 and raising its Brent crude oil price forecast to $115/bbl, $120/bbl, and $130/bbl on a 3, 6, and 12 month horizon. Goldman’s rationale: We expect that the ongoing loss of Libyan production and disappointing non-OPEC production will continue to tighten the oil market to critically tight levels in early 2012, with rising industry cost pressures likely to be felt this year. It is only a matter of time until inventories and OPEC spare capacity will become effectively exhausted, requiring higher oil prices to restrain demand. investingdaily.com On Friday, Brent closed at $106 and change. And if Libya was done, Brent would be even lower. GS's forecasts ain't what they used to be.

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