Obama vs Goldman 'Oil' Sachs - PART II - Crude Capitulates - the Obama Effect ! - as predicted.

On September 5th we had written .....' Crude oil prices have since come down to around $105-110 levels currently. However, Goldman Sachs is still very bullish on crude and has once again put a target of $150 on crude by year end. With the US election date fast approaching, we will soon have the political pundits coming out with a constant dose of opinion polls on the chances of both presidential candidates. Positive swings in favour of Obama could well signal a negative on crude oil prices and negate the Goldman effect....' Since then Obama has taken a bigger lead over McCain in the opinion polls / presidential debate points nearer to the fast-approaching presidential elections. Consequently, as predicted, crude oil levels have now come down to $70-75 levels. Even the obstinate 'Oil Bull' Goldman Sachs has substantially scaled down its future outlook on crude prices despite having predicted oil prices to be at $150 by year end 6 weeks back - around September 5th.