Oil surges on bullish Goldman Sachs estimate

[flashl]

NEW YORK: Crude oil futures rose above $127 a barrel Friday for the first time, leading other commodities higher, after Goldman Sachs raised its forecast on speculation that Chinese diesel purchases would strain supplies.

Goldman raised its price outlook for the second half of this year to $141 a barrel, from $107, citing supply constraints. China may increase fuel imports to generate power after a May 12 earthquake. Oil and other commodities, like gold and platinum, also surged on the falling dollar.

"We can blame Goldman again," said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA in New York. "In March 2005 they predicted that prices would rise dramatically, and they did. Prices jumped to the $125 level after another Goldman report less than two weeks ago. At this point nobody wants to bet against Goldman."

...

"This is a market that wants to go higher and does on any bit of news," said Rick Mueller, director of oil practice at Energy Security Analysis in Wakefield, Massachusetts. Problems with coal distribution in China, caused by the earthquake, "will increase gasoil demand, but the amounts aren't huge."

IHT

[whistle]

1. The supply constraints are artificial and imposed by OPEC and the Iraq War...

...and the continuous price hikes on crude oil futures are the result of a handful of speculators who are in collusion with oil suppliers and governments getting kickbacks. The whole corrupt oil scandal has Dick Cheney's finger prints all over it and smells like dead corpses :puke:

[lib2DaBone]

2. Act-2 Scene-2 Enter "The Beggar"...

George speaks: "Come on Prince. What's a few missles among friends? How 'bout if I give you a Bunker-Buster and 4 Nukulaar Missles? Wouldn't that be swell? Then you could kick the Jews Ass and we'll blame it on Iran. What ya say Princy Baby.. let loose with the oil."

[whistle]

3. "Oh, I also wanna give you this Blue Turban to wear, hehehehe", smirk, wink, snort