Goldman Reiterates Forecast That Crude Oil Will Rebound to $149/Barrel
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Goldman Sachs Maintains View That Oil Will Top Record This Year
Aug. 20 (Bloomberg) -- Goldman Sachs Group Inc. repeated its forecast that
crude oil prices will rebound to $149 a barrel by the end of the year as supply
growth struggles to keep pace with demand from emerging markets.
Goldman maintained its forecast even after oil futures slid $30 from their July
11 record of $147.27 a barrel. Fundamentals of supply and demand are still more
important in setting oil prices than investor flows linked to movements in the
U.S. dollar, Goldman added.
``We expect declining trend oil supply growth and supportive emerging markets
oil demand growth to continue to offset demand weakness'' in developed
economies, London-based Goldman analyst Jeffrey Currie said in a report.
Prices will be supported by a combination of disappointments in production
outside the Organization of Petroleum Exporting Countries, this month's supply
disruption in the Caspian Sea and the absence of any increase in consumers' oil
stockpiles during the second quarter, when inventories normally rise, Goldman
said
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