June 4 (Bloomberg) -- Goldman Sachs Group Inc. raised its forecast for U.S. benchmark oil by 31 percent to $85 a barrel for the end of 2009 and predicted further gains next year as demand recovers and supplies shrink. âAs the financial crisis eases, an energy shortage lies ahead,â Goldman analysts Jeffrey Currie in London and David Greely in New York said in a report e-mailed today. The bank set a 12-month price target of $90 a barrel for West Texas Intermediate crude, up from $70, and introduced a forecast of $95 for the end of 2010. Oil posted its biggest monthly gain in a decade in May, and this month traded above $69 a barrel for the first time since November on speculation a global economic recovery will trigger a rebound in demand. A decline in the value of the dollar has also drawn investors to crude and other commodities as an inflation hedge. The rally has been driven by the âunwinding of pricing dislocations caused by the credit crisis,â Goldman said in the report dated June 3. Itâs a âprologueâ to a price recovery in the second half of the year as the global economy stabilizes and crude inventories decline, the bank said. Crude oil for July delivery traded at $66.87 a barrel on the New York Mercantile Exchange as of 9:05 a.m. London time. Goldman had expected oil to dip during the middle of this year, then rally in later months. http://www.bloomberg.com/apps/news?pid=20601087&sid=a1Ev4HxCKXRI Sell signal Other famous Goldman forecasts : New 'super-spike' might mean $200 a barrel oil http://www.marketwatch.com/story/goldman-sachs-raises-possibility-of-200-a-barrel-oil Sell signal _____________________________________ Bets Increase on January Oil Below $38 After Goldman Forecast http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ao15SrsKsc3Y Buy signal
What is the point of someone like GS making predictions, and then updating them when the market does not go the way they predicted??
They are crooks, they make money thru deception, they fool the masses for profit. Now ask yourself is this good for the American people?
Market reforms. Deleveraging and tax on futures, stocks, and forex all being planned. To all the non-believers (denial), the gov't is serious about deleraging and taxing the markets etc. http://finance.yahoo.com/news/Obama...41.html?sec=topStories&pos=main&asset=&ccode=
âAs the financial crisis eases, an energy shortage lies ahead,â Somehow I get the impression this is not about oil. (It's about making but not an oil call per se).