Reuters: Oil rose above $67 a barrel on Thursday after a 3.5 per cent decline the previous day, boosted by increased oil price forecasts from U.S. investment bank Goldman Sachs.
Much of oil’s rally this year has tracked stock market gains as investors look to equity markets for signs of economic recovery, while a weaker dollar can boost the appeal of oil and other commodities as a hedge against inflation.
Goldman Sachs raised its end of 2009 oil price forecast to $85 a barrel from $65 and introduced a new end of 2010 forecast of $95.
“The recent rally in WTI (U.S. crude) prices is likely to be but the first stage in the oil price rally that we expect will accompany a recovery in economic activity,” Goldman said in a research note.
Joe Biden visits Florida, says it’s “in the the mix” for some high speed rails. [Herald]
The U.S. won’t be the top market for solar in 2009, like some hoped. [Greentech Media]
For the first time ever, the majority of money spent on building new power capacity was dedicated to renewables. [Green Inc.]
Is there an excess in natural gas supply? Could this kill our coal habit? [Climate Progress]
Drivers are still demanding oil, but industrial demand has evaporated. [FT/Alphaville]
Solar inverter market will shrink 27% in 2009 to less than $2 billion. [DigiTimes]
California’s strict rules for clean cars will cost Toyota $1 billion. [Bloomberg]
BPA plastics banned in California. [LA Times]
Business Insider Emails & Alerts
Site highlights each day to your inbox.