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.