Oil may surpass recent highs by 2012,says Goldman Sachs

Goldman Sachs,which in April predicted this weeks major correction in oil prices,said that oil could surpass its recent highs by 2012

Goldman Sachs,which in April predicted this weeks major correction in oil prices,said on Friday that oil could surpass its recent highs by 2012 as global oil supplies continue to tighten.

The Wall Street bank,seen as one of the most influential in commodities business,said it did not rule out a further limited short-term fall in oil prices if macro-economic data,which it said had sparked this weeks crash,continued to disappoint.

News of Goldmans mid-term outlook on Friday prompted a $1 a barrel jump in oil prices,helping oil to pare some of its earlier heavy losses. It is important to emphasize that even as oil prices are pulling back from their recent highs,we expect them to return to or surpass the recent highs by next year,Goldman Sachs analysts said in a research note.

We continue to believe that the oil supply-demand fundamentals will tighten further over the course of this year,and likely reach critically tight levels by early next year should Libyan oil supplies remain off the market,it said.

In Odisha, Modi mounts ‘loot tantra-vs-bachat utsav’ attack on Congress over GST

India5 hr ago

Prime Minister Narendra Modi Saturday hailed the revised Goods and Services Tax (GST) structures, saying the era of “double bachat (saving) and double kamai (income)” has arrived under the Bharatiya Janata Party rule. Addressing the ' Namo Yuva Samabesh' in Jharsuguda, Modi accused the Congress of indulging in “loot tantra (tactics)” while in power.

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