From the Financial Times:
Goldman Sachs, Wall Street’s most bullish investment bank on oil, on Tuesday turned negative on the short-term outlook for crude, recommending investors to take profits after prices jumped this week to a record above $90 a barrel.
West Texas Intermediate crude oil fell $2.73 to $90.80 a barrel in early trading in the US, partly in response to the warning from the investment bank which has been influential on the oil market in the past with upbeat price forecasts, including one in 2005 of a “super spike” crude to $105 a barrel.
Jeffery Currie, head of commodities research at Goldman Sachs, said that oil price “downside risks” were gaining momentum and forecast a decline towards $80 a barrel in the first quarter of 2008....MORE
