(Money CNN)Goldman Sachs (GS, Fortune 500) raised its end of 2009 oil price forecast to $85 a barrel from $65 and introduced a new end of 2010 forecast of $95.
"The recent rally in WTI (U.S. crude) prices is likely to be but the first stage in the oil price rally that we expect will accompany a recovery in economic activity," Goldman said in a research note.
http://money.cnn.com/2009/06/04/markets/oil.reut/index.htm?postversion=2009060408
Is it true that economic activity recovered? The signs are getting better.
June 4 (Bloomberg) -- The European Central Bank kept its benchmark interest rate at a record low of 1 percent today after first signs of an economic recovery emerged.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8B1TJc.u.As
June 4 (Bloomberg) -- U.S. stocks rose for the fifth time in six days as government reports showed the number of Americans receiving unemployment benefits fell last week while worker productivity increased.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQCvWVZ53mxI
I have no doubt that the economic had hit the bottom but the issue now is recovery rate.
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