Oil prices tumbled below $90 a barrel on Tuesday after Goldman Sachs, Wall Street’s most bullish investment bank on the commodity, turned negative on the short-term outlook for crude. The bank recommended investors take profits after prices jumped to a record of $93.80 a barrel on Monday. Goldman has been influential on the oil market with upbeat price forecasts, including one in 2005 of a “super spike” in crude to $105 a barrel.

This entry was posted by Helen Thomas on Wednesday, October 31st, 2007 at 5:15 and is filed under Capital markets. Tagged with goldman sachs, oil. Edit this entry.