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.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment