Goldman Sachs Group (NYSE: GS) has raised its Brent Crude average oil prices for the years ahead. The firm has increased its price forecasts to reflect a continued tightening of global crude oil supply and demand fundamentals. Here are the new price targets:
- 2008 average raised to $117.40 from $108.00;
- 2009 to 2010 will average $140.00 (from $110.00) in 2009 and 2010 will be the peak at $150.00 average;
- 2011 average will slide back to an average of $140.00;
- 2012 average appears to be all the way down to $85.00 (from $75.00).
Jon C. Ogg
June 19, 2008