Goldman Forecasts -- Again, and Again, and Again

Wasn't it a Goldman Sachs forecast that started the freefall in WTI oil prices from $115 to $95 recently?

I honestly forget. It is impossible for me to keep up with Goldman Sachs forecasts, but like the weather, their predictions will eventually come true. Just wait long enough. This was back on May 24th (2011).

Oil also got a boost from reports by Goldman Sachs, J.P. Morgan and Morgan Stanley that said prices will almost certainly be higher later this year. The investment banks said the recent 15 percent drop was only a brief pause in what will likely be a long-term rise to near-record levels.

Goldman Sachs expects WTI to hit $135 per barrel by the end of 2012. Morgan Stanley predicts Brent will average $120 per barrel in 2011 while J.P. Morgan said Brent should hit $130 per barrel in the third quarter.

I believe Bank of America is targeting $140 oil