London - AFP
Oil prices rose on Thursday, with sentiment boosted by Goldman Sachs\' forecast that crude should hit about $130 a barrel within a year as strong Asian demand offsets an economic slowdown in the West. Brent North Sea crude for delivery in October jumped $1.52 to $113.92 a barrel in midday London deals. New York\'s main contract, light sweet crude for delivery in October, edged up 11 cents to $89.02. Wall Street banking titan Goldman Sachs said it expected buoyant commodity prices ahead despite concerns about US economic weakness and the eurozone debt crisis. Brent crude was expected to hit $130 a barrel in the next year, it said in a report. New York prices were forecast to reach $126.50 over the same period, it added. \"Clearly, there is very little growth anticipated to come from the US, EU and the developed markets,\" said Allison Nathan, senior commodities economist at Goldman Sachs. \"But we expect quite robust emerging market demand growth with China still anticipated to grow at 9.2 percent next year.\" Nathan said the spread between WTI crude and Brent should narrow in the future but it was still unclear when the gap will close. The high inventory level at the US oil hub in Cushing, Oklahoma, has led to WTI trading at a significant discount compared with other light sweet crudes such as Brent, Goldman Sachs said.