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Oil futures flew well over $120 a barrel to a new record following a Goldman Sachs forecast that lackluster growth in oil supplies worldwide could translate to $200 dollar a barrel oil over the next two years. But some energy analysts, like those at Citigroup, say oil supplies are "comfortable." Citi says oil could rise to $200 a barrel -- or, just as easily, fall to $40 dollars a barrel -- over the next couple of years. Fadel Gheit is Managing Director of oil and gas research for Oppenheimer. SOUNDBITE (English) FADEL GHEIT SAYING: "There is no shortage whatsoever. There is plenty of oil. All the refiners in the U.S. are cutting their runs because there is plenty of gasoline on the market." Oil prices have nearly doubled from a year ago. And everyone agrees the falling U.S. dollar is one key reason. Since oil is priced in dollars, a weaker dollar makes oil less expensive to investors overseas. Also, when the dollar does fall, investors often buy commodities, such as oil, as a...
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Could oil hit $200?

Oil futures flew well over $120 a barrel to a new... (more)
Channel:MediaScrape Category:Business Views:25
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