Get used to $60 a barrel, says Goldman By Kevin Morrison Published: August 19 2005 11:24 | Last updated: August 19 2005 21:27
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Oil prices may have fallen during the week from their recent record peaks, but they have remained comfortably above the $60 a barrel level � a place where Goldman Sachs said this week that it expects oil prices to remain for rest of the decade.
The raising of the long-term oil price target by Goldman to $60 from $45 was followed on Friday by Merrill Lynch and by JPMorgan. Each increased its long-term target as the oil supply chain from the wellhead to the petrol pump remain very tight and vulnerable to oil supply shocks.