Oil Prices Will Top Highs After Correction: Goldman


CNBC
May 7, 2011

Goldman Sachs, which in April predicted this week’s major correction in oil prices, said on Friday oil could surpass recent highs by 2012 due to supply tightness.

“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.

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