Oil rose the most in almost a week in New York as the dollar declined, boosting commodities’ appeal as an alternative investment, and Goldman Sachs Group Inc. and Morgan Stanley increased their oil-price outlooks.
Oil jumped as much as 2.2 percent as the Dollar Index, which tracks the currency against six major counterparts, slipped from a seven-week high and U.S. equities advanced. Goldman Sachs and Morgan Stanley raised their estimates for Brent oil futures, saying the prolonged conflict in Libya is eating into OPEC spare capacity.
“The dollar’s under pressure and you’re having a bit of an equity market rebound,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The upward revisions to some of the investment-bank oil forecasts may be lending a certain positive sentiment to this market.”
Tuesday, May 24, 2011
Crude Oil Rises as Dollar Slips, Goldman Sachs Boosts Brent Price Forecast - Bloomberg
via bloomberg.com
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