- Stocks Likely Don't Need Santa to Keep Rally Going
- Ford Says November Sales Rise; Chrysler Falls
- Larry Kudlow's Open Letter to Tiger Woods
- AIG Slashes US Debt Under Deal With New York Fed
- Commercial Property Fears Are Overblown: Zell, LeFrak
- Trump: Time to Force Banks to Start Lending
- Seamstress Fined $5.7 Million for Insider Trading
- Super Fantasy Christmas Gifts of 2009
- Accused Ponzi Schemer Rothstein Arrested
MOST SHARED
- Commercial Property Fears Are Overblown: Zell, LeFrak
- Pending Home Sales Have Record Rise; Construction Flat
- US Manufacturing Grew Less Than Expected in November
- Somali Sea Gangs Create Pirate Stock Exchange
- Good Sign for the Economy: 'Greed' Makes a Comeback
- More Late on Auto Loan Payments in Third Quarter
- AIG Slashes US Debt Under Deal With New York Fed
- Euro Zone Manufacturing Grows Faster Than Forecast
- Trump: Time to Force Banks to Start Lending
Text Size 
The price of oil will spike back to $149 a barrel by the end of the year, despite its current slump and negative sentiment regarding demand for oil, Goldman Sachs wrote in a market report on Wednesday.
Chinese oil import data for August are expected to be weak as the country relied on existing inventories during the Olympic Games, but this is likely to change, the analysts said.
"We continue to expect that strong Chinese buying will return to the market as China restocks after the Games," Goldman Sachs [GS
Loading...
()
] wrote. "For oil we continue to believe this will require (West Texas intermediate) crude oil prices to move back to $149/barrel by year end."
Despite a negative reading for the Chinese Purchasing Manager's index (PMI) -- indicating contraction in the manufacturing sector -- for the second month in a row, other indicators, such as retail sales and fixed assets investment, stayed robust.
Cumulative loss of supply from shutdown of pipelines because of Hurricane Gustav, the explosion of the BTC pipeline in Turkey and the shutdown of an oilfield in Angola was almost 40 million barrels, Goldman Sachs analysts wrote.
Uncertainty remains high regarding demand in the countries that are not members of the Organization for Economic Co-operation and Development (OECD), while demand from OECD members will remain weak, the report also said.
Print
Email
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- A conservative author aims to remind readers why capitalism works for the common good.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- A famed author has written all his work on an old typewriter that is now up for auction. The NYT reports.
Data is a real-time snapshot *Data is delayed at least 15 minutes