Norway's state-controlled oil company StatoilHydro has released new predictions that the price of oil will continue to dip. The view is not entirely shared by investment bank Goldman Sachs.
StatoilHydro's own analysts expect oil prices to lie just under USD 100 a barrel by the end of the year, and also that OPEC nations will cut production.
"I think the oil price will be a little under USD 100 at the end of the year, assuming that we don't get any major hurricane effects," StatoilHydro analyst Sandrine Tørstad said at a seminar on Monday.
She also said prices in 2009 will be lower on average than in 2008. "Fundamentally, things look much tighter in 2009, therefore StatoilHydro believes OPEC will cut its production," Tørstad said. Prices now are running around USD 108 per barrel, down from record highs earlier this year.
US investment bank Goldman Sachs, meanwhile, reiterated bullish forecasts for oil despite the recent slump in prices on modest global growth.
Goldman Sachs left its price forecast for US WTI crude in the fourth quarter 2008 unchanged at USD 130 a barrel and its full-year 2009 forecast at USD 140. If the global economy dips into recession, however, oil prices could fall below USD 100, the bank said in a note prepared by analyst Arjun Murti.