The recent run-up in oil prices could have further to go as most analysts are likely to begin raising their year-end oil price targets, according to market research firm Birinyi Associates in Stamford, Connecticut. “Given several considerably lower expectations, we think it is reasonable to expect upgrades,” they said in a research commentary, noting that crude oil prices were already above most firms’ year-end targets. U.S. front-month crude hit an intraday high of $73.23 on Thursday, the highest intraday level since prices hit $75.69 on Oct. 21. A year-end oil price target of note recently came from Goldman Sachs, which raised its end-of-2009 oil price forecast on June 4 to $85 a barrel from $65. Oil’s climb partly reflects weakness of the U.S. dollar and expectations that demand may be picking up as the global recession abates.— Graphic courtesy of Birinyi Associates, Inc.
Global News Journal
George W Bush’s final tour of Europe as president of the United States has so far been curiously uneventful and curiously familiar. More discussion of Iran, more talk of tougher sanctions if the Islamic republic refuses to stop enriching uranium and another warning that ‘all options’ are on the table to ensure it falls into line.