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Goldman cranks up its oil price forecasts

Posted on 20 August 2013

Oil prices have been moving up in recent weeks, largely owing to geopolitical volatility and supply disruptions. “The disruptions in Libyan oil supplies have lasted far longer than we initially thought with no near-term resolution in sight, which was further complicated by the involvement of the military late last week,” said Goldman Sachs’ Jeff Currie in a new note to clients.
“Combined with the ongoing problems in Iraq which we see extending into the autumn, OPEC outages since the beginning of the summer have taken 33 million barrels off the market, which was further exacerbated by a 32 million barrel downward revision to total OECD petroleum inventories by the IEA.”……………………………………….Full Article: Source


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