O'Neill: Lower oil price ‘this time next year'

GSAM chairman Jim O'Neill calls for UK rate rise but expects oil price shock to be temporary

What is your view on the oil price and where it is going? Having been around the financial markets for so long, I would not be surprised if this time next year, oil prices are lower rather than higher. However, I am dubious about the idea oil prices are going to keep rising forever. About 30 years ago, I did a PhD on oil prices, and I learnt is its virtually impossible to forecast them with any confidence. So in the next two years, there is just as good a chance that oil will go to $50 a barrel as to $150 a barrel. It is already having quite an impact on prices, and it is effectiv...