Brent oil prices skid back to $110 this week, seeing nearly $16 a barrel shaved off the Brent crude contract although many analysts and traders still believe that an oil price rebound is on the cards in the short term.
Brent Oil Futures – Closing Price
Brent crude oil futures for June 2011 delivery ended the week’s trading session at $110.12 a barrel on the ICE Futures Exchange yesterday evening, $15. 83 lower than last week’s closing price of $125.95 a barrel.
Goldman Sachs Forecast
It all adds up to a rebound in the near future, oil analysts at Goldman Sachs commented after Thursday’s shock plunge.
“We continue to believe that the oil supply-demand fundamentals will tighten further over the course of this year. It is important to emphasise that even as oil prices are pulling back from their recent highs, we expect them to return to or surpass the recent highs by next year.” wrote analysts with Goldman Sachs.
Goldman Sachs believe that the recent fall in oil prices was prompted by weak US economic and oil inventory data and did not rule out a further limited short term fall in oil prices if data continued to disappoint.
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Brent oil price skids back to $110, rebound on the cards
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