Goldman’s Arjun Murti was the most prescient of all oil analysts when it came to predicting the super-spike. He sent the markets flying earlier in the year with his $150-$200 6-24 month target. When oil hit $147, he was vindicated. For a while.
And now Murti is doubling down. He says increased Chinese demand will trump any temporary respite from a global economic slowdown, sending oil right back to record prices by the end of the year:
We continue to expect that strong Chinese buying will return to the market as China restocks after the Games…For oil we continue to believe this will require (West Texas intermediate) crude oil prices to move back to $149/barrel by year end.
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