dec 12; Goldman says oil could hit $30 The price of oil could fall to $30 per barrel next year, according to a report from Goldman Sachs released today. Oil is currently trading at about $44 per barrel, down from about $49 on Thursday when hints of major production cuts from OPEC pushed the price up. OPEC would like to see the price of oil reach $70 per barrel. But Goldman says the downward pressure is too strong. \"The collapse in world oil demand in the fourth quarter of 2008, as the global credit crunch intensified, now threatens to push oil prices below $40 a barrel in the near term,\" the report said.
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