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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (63946)	4/6/2000 10:13:00 AM
From: BigBull	Respond to of 95453

Ganz Macher Goldman Sachs raised crude target prices to $25 quote.bloomberg.com Bloomberg Energy Thu, 06 Apr 2000, 10:08am EDT 04/06 06:35 Goldman Sachs Raises Brent Crude Oil Forecast to $25 a Barrel By Dudley White London, April 6 (Bloomberg) -- Goldman Sachs Group Inc. raised its forecast for Brent crude oil prices this year by 39 percent, a sign of confidence that exporters will succeed in keeping prices high as they pump more oil. Spot crude oil prices in London this year will average $25 a barrel, up from a previous estimate of $18, Goldman's team of five oil analysts said. Brent crude futures for May settlement today traded around $24.07. Goldman raised its forecast a week after nine members of the Organization of Petroleum Exporting Countries agreed to boost oil output 7.4 percent, or 1.45 million barrels a day, from April 1. That amount won't replenish lean inventories that last month sent prices to their highest since the 1991 Gulf War, the report said. ``Although OPEC volumes will increase in the months ahead, we believe the increase in 2000 will not be sufficient to rebuild inventories by this time next year,' the report said. Because of higher oil prices, Goldman increased its forecasts for oil companies' earnings in 2000 by between 20 percent and 70 percent, the report said. Still, it didn't change its target prices for those oil shares, or its recommendations, because those are based on earnings forecasts for 2001. Goldman increased its forecast for BP Amoco Plc earnings per share this year to 45 pence from 31.3p. It lifted its estimate for Royal Dutch Petroleum Co., which represents 60 percent of the Royal Dutch/Shell Group, to 3.5 euros per share from 2.5 euros. --------------------------------------------------------------------------------