Crude prices plummet from record highs

Crude and gasoline futures prices plummeted during the week ended Apr. 8 from new highs hit Apr. 1 in the wake of a report by Goldman Sachs Group Inc., New York, that crude could jump to $75/bbl in 2006 and spike at $105/bbl in 2007 before plunging back to $30/bbl by 2010.The Goldman Sachs equity team on Mar. 31 hiked its “super spike” estimate to $50-105/bbl, from $50-80/bbl previously, because of continued strength in world oil demand and economic growth (OGJ Online, Apr. 1, 2005). As traders reacted to that speculation, benchmark US light, sweet crudes for September delivery hit a new intraday high of $60.03/bbl on the New York Mercantile Exchange, while the May position se...

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