Oil News

Goldman Sachs Group Inc. increased its year-end forecast to $85 a barrel from $65, and OPEC predicted a rebound in consumption

Crude Oil is little changed as investors await the U.S Unemployment Data

Goldman Sachs Group Inc. increased its year-end forecast to $85 a barrel from $65, and OPEC predicted a rebound in consumption

Crude oil traded little changed before a report forecast to show that unemployment rose to a 25- year high in the U.S., sowing doubts about the global recovery. Crude rose to a seven-month high yesterday after Goldman Sachs Group Inc. increased its year-end forecast to $85 a barrel from $65, and OPEC predicted a rebound in consumption. Today, Goldman’s head of America’s energy team, Arjun Murti, who predicted an oil “super spike” in 2005 boosted his fourth quarter estimate to $70 a barrel from $60. Crude Oil is trading at $68.50 as of 11:05am, London Time. Crude Oil’s Pool-Position is 79% Long, meaning that most Finotec traders are buying the commodity.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More