October 13, 2008 at 09:40 AM EDT
Two Ways To Play: A Crude Comeback?
Crude Rises On Global Bailout Oil is rebounding from last week’s 17% plunge as governments around the world announced plans to rescue the financial system. Crude rose as much as $4.10 to $81.80 a barrel on the New York Mercantile Exchange.Compare this to Friday when oil fell to $77.70 a barrel down 45% from its record high in July to its lowest price since September 10 2007. But Goldman Sachs this morning lowered its target price for crude for a second time this year. It now sees fourth-quarter prices of $75 down from $110. Its year-end target is now $70 a ...
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