Goldman Sachs slashes 2009 oil forecast by $25
Güncelleme Tarihi:
Goldman Sachs, until now the most bullish bank on oil prices, slashed its average 2009 U.S. crude oil forecast by $25 to $123 a barrel on Wednesday after this summer's price surge tapped the brakes on demand.
"We stand by our bullish view on oil, but just think it will now take longer to get to our previous price targets," the bank's commodity research team said in a note to clients dated Sept. 16.
"...The overshoot in June and July increased the forward price elasticity of demand (making demand more price sensitive) and restrained economic activity."
Goldman also cut its three-month forecast to $115 a barrel from $149, and its six-month target to $125 a barrel from $142.
This week's turmoil in the U.S. financial system -- led by the collapse of Lehman Brothers -- sent global markets into free fall early this week, with oil tumbling to a seven-month low as investors fled to safe-haven assets.
On Wednesday, U.S. crude futures for October delivery CLc1 rebounded $2.76 a barrel to $93.91 by 0822 GMT after two days of spiralling lower, as an $85 billion bailout of American International Group sparked a relief rally on Wall Street.
Prices have slumped from a record high above $147 in July and are now little changed from the start of the year.
"The market has overshot to the downside and is now substantially oversold as ... financial concerns, scepticism, and real and perceived demand weakness (have) pushed prices below the long-term economics of the petroleum industry," it added.