Oil and energy prices may rebound aggressively in the second half of 2009, said an analyst at Goldman Sachs Group Inc.
Oil prices are expected t increase to $65 a barrel by the end of this year in a swift and violent rebound said Jeffrey Currie, a commodities analyst at the bank, according to Bloomberg. He added there is a scope for a new bull market in oil.
Already crude oil for delivery in December is trading near $56 a barrel, $15 above futures for March delivery, the source notes.
The analyst also gave his forecast for worldwide oil demand for 2009 saying it will decline by about 1.6 million barrels a day. His forecasts surpassed the one from the International Energy Agency which said oil demand will drop 500,000 barrels a day this year, Bloomberg noted.