Goldman Sachs scares markets with $105 a barrel forecast and sends crude above $55

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Friday April 01, 08:08

Goldman Sachs scares markets with $105 a barrel forecast and sends crude above $55

(by Julia Jenson)

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Goldman Sachs scares markets with $105 a barrel forecast and sends crude above $55

Crude oil prices hit back rising above $55 a barrel Friday on the surge in the price of gasoline and heating oil and a bullish report from Goldman Sachs analysts who predict oil prices can top $100 a barrel.

Goldman Sachs, one of the world’s biggest financial institutions, issued a report saying that "oil markets may have entered the early stages of what we have referred to as a ’super spike’ period - a multi-year trading band of oil prices high enough to meaningfully reduce energy consumption and recreate a spare capacity cushion only after which will lower energy prices return."

The report that predicts that oil price could reach $105 a barrel, reverberated through the market, sending prices sharply higher, although most analysts consider the cited prediction an exaggeration.

``Goldman Sachs spooked the markets a bit with their prediction that crude oil prices will reach $100 and more,’’ said Michael Preiss, a senior investment adviser at Coutts Bank (Schweiz) AG in Singapore. ``Oil at $100 a barrel may not be such a big deal because the dollar is going to be much weaker. Rest assured, the once almighty U.S. dollar will be worth much less in real purchasing power.’’

The rise in the price of gasoline rose after the US government report showed the fourth consecutive drop in the fuel inventories ahead of the surge in demand that usually peaks in May.

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