Archive - Mar 31, 2005

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Goldman Sachs warns of $105 a barrel oil

Submitted by acampbell on Thu, 03/31/2005 - 15:02.

Goldman Sachs warns of $105 a barrel oil

Mar 31, 2005 -- NEW YORK (AFP) - World oil prices surged on a wave of speculative buying sparked in part by a Goldman Sachs study that predicted levels of more than 100 dollars a barrel, traders said.

New York's main contract, light sweet crude for delivery in May, soared 1.41 dollar to 55.40 dollars per barrel in early deals, off a peak of 56.10 dollars.

In London, the price of Brent North Sea crude oil for delivery in May rocketed 2.20 dollars to 54.29 dollars.