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GOLDMAN SACHS GROUP (GS)
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Goldman Sachs Group, Inc. : Goldman Sachs Strategist : Oil Price Could Reach $150/Bbl in Summer

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01/17/2013 | 05:01pm CEST

By Hans Bentzien

FRANKFURT--The price of oil could reach as much as $150 per barrel this summer, Goldman Sachs chief commodities strategist Jeff Currie said Thursday.

At this year's global strategy conference in Frankfurt, Mr. Currie that he thinks it possible the price may reach $150 a barrel for Brent oil.

He said he wouldn't be surprised "if we woke up in summer and oil cost $150" per barrel.

In December, Goldman's official forecast for 2013 was around $100 a barrel. Brent oil to be delivered in February at present costs $110, while WTI costs $94.

Mr. Currie pointed out that despite the boom in U.S. shale gas, the oil price remains high, which he attributed primarily to sanction-related supply disruptions in Iran.

Trying to compensate for this, Saudi Arabia has already increased its oil production to a 30-year high this year.

At the same time, Mr. Currie added that while global oil demand has increased at a slower pace, it is still higher than the production increases in non-OPEC countries.

Write to Hans Benztien at [email protected]

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Financials ($)
Sales 2018 35 327 M
EBIT 2018 12 217 M
Net income 2018 8 994 M
Debt 2018 -
Yield 2018 1,35%
P/E ratio 2018 10,35
P/E ratio 2019 9,83
Capi. / Sales 2018 2,54x
Capi. / Sales 2019 2,50x
Capitalization 89 825 M
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Goldman Sachs Group Technical Analysis Chart | GS | US38141G1040 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 272 $
Spread / Average Target 14%
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Managers
NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
David Michael Solomon President & Chief Operating Officer
R. Martin Chavez Chief Financial Officer & Executive Vice President
James A. Johnson Independent Director
William W. George Independent Director
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