Crude Prices Rise, but Predictions Decline
Posted on: Tuesday, 14 October 2008, 10:00 CDT
Crude oil prices jumped more than $3 per barrel Tuesday, but analysts at Goldman Sachs Group Inc. lowered their estimates for next year's average prices.
Commodity analysts at the firm had said crude oil would average $148 a barrel next year, The Wall Street Journal reported. On Sept. 16, they lowered their prediction to $123 per barrel. On Monday, however, they conceded the downward trend again. With oil prices down 44 percent from a July peak, Goldman cut next year's prediction to $86 a barrel, the Journal said.
On the New York Mercantile Exchange Tuesday, prices climbed $3.26 to $84.45 per barrel. Heating oil prices gained 0.0582 cents to $2.3992 per gallon. Reformulated blendstock gasoline rose 0.0724 cents to $1.99 per gallon. Natural gas prices gained 0.067 cents to $6.755 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.163 Tuesday, down from Monday's $3.206 a gallon, AAA said.
Source: United Press International
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