Goldman Sachs Maintains $149 Yearend Price Target for Crude Oil
By Nesa Subrahmaniyan
July 18 (Bloomberg) -- Goldman Sachs Group Inc., Wall
Street's most profitable bank, said it's maintaining its $149 a
barrel year-end price target for crude oil as inventories remain
``extremely low'' and the market is vulnerable to supply shocks.
Oil prices may fall in the ``near term'' because of rising
inventories in developed nations as imports by U.S. and Japan
increase, Goldman analysts Jeffrey Currie and Giovanni Serio said
in a report yesterday.
In addition to this news
The current dip in the price of fuel which
Analysts believe that the bleak economy cause the dip in oil price.
As the economy slows and Americans spend less, Analysts expect domestic
demand for gasoline to fall. That could lead to a pullback in prices.
On Thursday, natural gas futures fell more than 7 % after the government
reported higher supplies than anticipated. Crude oil futures fell USD5.31
to settle at USD129.29 A barrel and are down nearly USD16.00 in the last week.
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