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Goldman, J.P. Morgan, and Morgan Stanley Forecast Higher Oil Prices

May 30, 2011

<b>TORRANCE, CA</b> - A number of recent news reports cited statements from Goldman Sachs, J.P. Morgan, and Morgan Stanley all forecasting higher prices for crude oil.

Bloomberg and Reuters reported that Goldman Sachs raised its 12-month price forecast for Brent crude to $130 per barrel, up from $107. In addition, Goldman increase its end-2012 forecast to $140 per barrel, up from a previous forecast of $120. Morgan Stanley raised its 2011 Brent crude forecast to $120 per barrel, up from $100, and increased its 2012 target to $130, up from $105.

J.P. Morgan’s analysts are predicting a $130 per barrel price for Brent crude in the third quarter, according to the Wall Street Journal.

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