Analysts predicting $200 oil back down

As oil prices zoomed toward an unheard of $147 a barrel this summer, it seemed every analyst prediction that oil would approach $200 was a self-fulfilling prophecy, until suddenly it was not. Instead of $200 oil, oil is now $80. Instead of going up, the U.S. has seen the greatest destruction in demand since the oil-shocked 1970s. Drivers have dramatically cut down on driving since November. Soaring prices for oil and other commodities this summer have turned out to be nothing short of another classic bubble and the bursting may not be over, one analyst said Monday. "It's just amazing that the market gets suckered into this," said analyst Stephen Schork of the Schork Report, who called the idea of $150 a barrel oil "an obscene number, a perverted, illogical number." On Monday, Goldman Sachs, among those predicting $200 a... [read full story]