Oil prices have nothing to do with supply and demand, analyst says

06/17/2009 | Forbes

A senior energy analyst for Oppenheimer & Co. says oil's recent rise to $73 a barrel is "unjustifiable" and based on perception rather than reality. "Market forecast supply and demand, in my view, will not support an oil price above $50, let alone above $70," says Fadel Gheit. "If Exxon makes an oil forecast tomorrow and Goldman Sachs makes an oil forecast tomorrow, the market will take Goldman Sachs and not pay attention to Exxon," he says. "It has nothing to do with supply and demand of the physical commodity."

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