Goldman Sachs bet on oil prices at $95 in 2010
BonTradeGoldman Sachs yesterday predicted crude oil prices could reach $85 to $95 a barrel later in 2010, driven by accelerating global economic growth. Goldman analysts say extra crude oil demand will draw excess capacity stored by OPEC back into the market, it also speculated refining margins will remain tight owing to increased capacity in Asian oil markets. An analyst for the bank said: “We continue to expect that as the near-term fundamentals of the oil market continue to improve, strengthening timespreads will lift West Texas Intermediate (WTI) crude oil prices into this $85 to $95 per barrel range. “Further, we expect that simple refining margins relative to WTI prices will come under pressure as OPEC spare capacity enters the market in the second half of 2010 as the resulting downward pressure on heavy crudes should allow complex refiners to increase production at the expense of simple light crude refiners.” Ecuador’s Pinto says OPEC oil output to remain unchanged Oil prices trading above $80 on higher 2010 forecasts China’s NDRC sees crude oil prices trading average $80 in 2010 Oil prices expected to hit $100 in 2010 say Dubai traders Crude oil prices start 2010 trading around the $80 mark Oil prices trading higher on US demand, $80 by year end? OPEC meeting underway, higher oil prices in 2010? Arab states to keep spending in 2010 as oil prices up Merrill Lynch say Brent oil prices to average $85 in 2010 SMT reports geoscientists see future increases in oil prices Will oil prices soar higher again anytime soon? Oil prices may average more than $80 in 2010 Oil and gas experts predict oil, gas prices to spike in 2010 World Bank sees oil price at $63 a barrel in 2010 Oil prices trading steady, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high Oil prices trading back over $80 mark on higher markets
