Brent crude steady as Goldman Sachs forecasts $130 oil price

Brent crude oil futures open today’s trading session near $113 a barrel as oil prices moved higher with markets on Thursday, with sentiment boosted by Goldman Sachs forecast that Brent oil prices should hit about $130 a barrel within a year.

Latest Brent Oil Price

In London, Brent crude oil futures for November 2011 delivery was trading at $112.82 a barrel, 07.25 GMT this morning on the ICE Futures Exchange. The October Brent contract expired yesterday.

Goldman Sachs Oil Price Forecast

Wall Street banking giant Goldman Sachs said it expected buoyant commodity prices ahead, despite concerns about US economic weakness and the ongoing debt crisis that surrounds Europe.

The latest Goldman Sachs forecast for oil futures is that Brent crude oil is expected to hit $130 a barrel within the next year and US NYMEX WTI oil prices are forecast to reach $126.50 over the same period.

However, Goldman’s forecast clashes with the outlook from Societe Generale SA’s global asset allocation team, which said that commodities are in a danger zone as growth slows, according to a report distributed yesterday.

RBS Brent Oil Price Forecast

Commodity analysts at RBS are also betting that Brent will head lower in their latest oil price forecast for the contract. According to RBS, Brent crude oil is expected to weaken to average $95 a barrel in 2012.

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Brent crude steady as Goldman Sachs forecasts $130 oil price