Goldman cuts its oil forecasts

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The firm says the global credit crisis is going to lead to sharply weaker demand.

It cut its three-month benchmark West Texas Intermediate crude oil estimate to $115 a barrel from $149, and its six-month target to $125 from $142.

Current prices present "compelling buying opportunities", Goldman said. "We will stand by our bullish view on oil but just think it will now take longer to get to our previous price targets," Goldman analysts said in a report.

Crude oil has been on a roller-coaster ride, falling 36% from the record $147.27 a barrel reached on 11 July.

Crude oil in New York rose today, after its biggest two-day decline in almost four years.

October crude gained as much as $3.57 a barrel, or 3.9%, to $94.72 before falling back to $94.57. Brent was up $3.17 to $93.05.