------Original Message------
From: Bagus AAA
To: EQUITY
Subject: FW: (BN) Oil Will Reach $85 a Barrel, Decline Is Temporary,
Sent: Jul 30, 2009 08:25
good morning all, oil fell 5.8% yesterday
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Oil Will Reach $85 a Barrel, Decline Is Temporary, Goldman Says
2009-07-30 01:09:46.957 GMT
By Yee Kai Pin
July 30 (Bloomberg) -- Goldman Sachs Group Inc. said it is
maintaining its forecast that West Texas Intermediate crude oil
will reach $85 a barrel by year end as the recent weakness in
market fundamentals will be temporary.
Oil demand will be supported by stabilization in U.S.
industrial activity and a positive outlook for China's economic
growth, the bank said in a report today.
"Concerns over economic growth and weak oil statistics led
a commodity sell-off yesterday," Goldman analysts, led by
London-based Jeffrey Currie, said in a report. "However, we
believe most of these drivers are less negative than they first
appear."
Oil fell 5.8 percent yesterday, the biggest drop since
April, after weekly U.S. government data showed an unexpected
increase in crude inventories. Futures for September delivery on
the New York Mercantile Exchange traded 28 cents lower down at
$63.07 a barrel at 8:55 a.m. in Singapore.
For Related News and Information:
Top oil stories: OTOP <GO>
Oil markets menu: OIL <GO>
--Editor: Clyde Russell, Ang Bee Lin.
To contact the reporter on this story:
Yee Kai Pin in Singapore at +65-6311-2472 or
kye...@bloomberg.net
To contact the editor responsible for this story:
Clyde Russell at +65-6311-2423 or crusse...@bloomberg.net
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