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Brent oil trading at $110, Goldman turns bullish for prices
Published on May 24, 2011 by oilprices · No CommentsBrent oil futures open Tuesday’s trading session firm over $110 a barrel as Goldman Sachs and Morgan Stanley return to a bullish medium term forecast for Brent oil prices.
Latest Brent Oil Price
In London, Brent crude oil futures for July 2011 delivery was trading at $110.62 a barrel, 07.45 GMT this morning on the ICE Futures Exchange.
Oil Price Forecasts
Morgan Stanley increased its forecast for average Brent crude this year by 20 percent to $120 a barrel and by 24 percent for 2012 to $130 a barrel.
Goldman Sachs raised its 12 month price estimate for Brent oil futures to $130 a barrel and recommended investors buy Brent for settlement in December 2012, according to a report dated 23rd May.
Only a Matter of Time
“It is only a matter of time until inventories and OPEC spare capacity will become effectively exhausted, requiring higher oil prices to restrain demand, keeping it in line with available supplies” Goldman Sachs analysts led by New York based David Greely said in a note emailed today.
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