In Major Shift, Goldman Sees Oil Climb

News

After correctly predicting a major correction in oil prices over the last month, investment giant Goldman Sachs has reversed its outlook and sees oil at $130 in 12 months, creating what it called a “good entry point for long positions.”

Goldman sees oil at $120 by the end of 2011.

Oil markets ticked upward, the most in almost a week, on May 24, undoubtedly bullish in the aftermath of Goldman’s reversal.