Goldman Sachs lowers Oil Outlook

Friday, October 9, 2009

Goldman Sachs, one of the largest energy traders in the markets, loewred its 2009 price forecast for crude oil to 45 dollars a barrel. Goldman Sachs last estimate for 09 was 40% higher.

"We revise down our 2009-2011 crude oil price forecasts in view of a more severe than expected deterioration in oil demand globally," Goldman Sachs analysts wrote on the report.

Goldman predicts that crude oil futures will trade at an average of 30 dollars a barrel in the first quarter of 2009. Goldman once was the most bullish investment house on the street. They are throwing the towel on oil now.

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