Oil Continues Big Drop, Moves Closer to $80 on WTI | Arabianomics

When Goldman is right, commodities market pundits line up to praise the investment bank. We’ve praised Goldman for each right call they’ve made regarding oil’s price, and all in all, they’ve had a great year.

But in their latest prediction, they were dead wrong.

As we noted in late May, Goldman, in a significant shift, saw oil at $130 within twelve months. This was an about-face from previous, and certainly more bearish, estimates from the brokerage firm. The bank saw oil at $120 by the end of 2012.

* username: rupertbu