Oil Price Prediction Sends Crude Oil Past $122
May 6th, 2008 | By Contrarian Profits | Category: Featured, Financial NewsAn new oil price prediction by Goldman Sachs has sent crude oil prices past $122 a barrel. According to the AP news wire, the Goldman oil price prediction that crude oil could rise to $150 to $200 within two years seemed to motivate much of Tuesday’s buying.
Light, sweet crude for June delivery blasted past $122 a barrel to $122.47 before retreating to $122.26 on the New York Mercantile Exchange.
Of course, this is not the first prediction that has put oil prices at $200 a barrel. At the end of last month, here at ContrarianProfits.com, we reported that OPEC President Chakib Khelil said he could see crude oil prices reaching $200 a barrel because the market is driven by the the US dollar’s slide.
We also reported on one oil price prediction that was scarily accurate. In December, Money Morning Investment Director Keith Fitz-Gerald publicly forecast that oil prices will reach $187 a barrel within three years. In mid-March, he reiterated this projection.
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