What Goldman Sachs analyst and other copy cat analysts failed to consider was consumer sentiments.
There is no hope/scope for oil to continue to rise. Oil is a consumable commodity and its usage depends on consumers sentiment who are cost sensitive.

It is very easy for consumers to give up Cars, SUVs and take up public transporation to save themselves from ever rising oil price. Car makers have already started investing in electric cars or efficient cars which is rankling OPEC countries.

I am car pooling and would consider train if need be. I won’t buy oil if it costs me $5 a gallon.
Industrial users will find alternatives, airlines have started cutting down on flights not just because of rising oil costs but because fewer and fewer people are flying because of weak economy.

OIL demand is falling not rising and this justifies a continued steep fall in Oil prices to $50 a barrel level.

Speculators will loose more than they made in the last 52 weeks.

Oil back to $70 a barrel (in short term of 6 months)
Gold back to $500 an ounce in another 6 months.

–sri