Oil Rises to 7-Month High, Gasoline Surges, on Goldman Forecast

[Joanne98]

June 4 (Bloomberg) -- Crude oil rose to a seven-month high and gasoline surged after Goldman Sachs Group Inc. said prices may reach $85 by the end of the year as demand recovers and supplies shrink.

Oil climbed more than 5 percent after the bank increased its year-end forecast from $65 a barrel and withdrew its prediction that prices will dip prior to a rally. The advance accelerated after a report showed that fewer Americans filed claims for unemployment benefits last week.

“There seems to be a growing realization that oil will end the year in the $80 area, and this is spurring some buying,” said John Kilduff, senior vice president of energy at MF Global in New York. “The market is taking a little bit of solace from today’s unemployment numbers.”

Crude oil for July delivery rose $3.26, or 4.9 percent, to $69.38 a barrel at 1:55 p.m. on the New York Mercantile Exchange. The contract is heading for the biggest gain since April 9. Futures climbed as much as $3.48 or 5.3 percent, to $69.60, the highest since Nov. 5. Prices are up 56 percent this year.

Gasoline for July delivery rose 7.74 cents, or 4.1 percent, to $1.979 a gallon in New York. Prices reached $1.9836, the highest since Oct. 14.

http://www.bloomberg.com/apps/news?pid=20601087&sid=atatnSLu7Ylw

Goldman probably has a ship full of oil parked somewhere. Oil and gas inventories are UP so the vampires have to drive the price up by making false predictions. The world won't be safe intil they're all behind bars.

[imdjh]

1. We could start by requiring business reports to name names

"Goldman Sachs" says this or that. Goldman Sachs isn't held to a community standard. Goldman Sachs doesn't have to walk up his driveway while a neighbor yells, "Hey asshole. I saw what you did today!"

Name names.

[Purveyor]

2. Son of a bitch... Just checked our local mid-michigan price and we are now at $3.00. Of course

the economy is so hot here in Michigan that we can easily afford the premium. :sarcasm:

:mad:

[Andy823]

3. GREED!

Last month there were reports that there was so much oil in storage that ships were anchored offshore full of oil because there was not place to put i. Speculators have been driving the price up so they can dump what they bought at the lower prices, and have been storing it. Goldman Sachs was storing it up last year when the price went up, and I am sure they have done so again. This is just another example of the greed, and manipulation that is being done in our energy sectors. Congress was "going" to do something last year go stop this kind of thing, but obviously they have decided against it so they can line their own pockets with money from those who are screwing the people!

If I had the power to fire congress, almost everyone of them would be gone on both sides! Those who have voted time after time with the big corporations and financial sectors over the people need to go and we need to get people on congress who will do the will of the american citizens, not the will of "big money"! I am seeing prices for regular at $2.88 in my town, and 60 miles away where I take my kids to the orthodontist, it is at $2.69, this was on Tuesday. The only good thing is diesel is at $2.69, so I can drive my truck more than last year when it was up to $5.00 a gallon!

[paulsby]

4. i was pounding the table for people to buy oil here

a few months ago.

total no brainer trade.

it got ridiculously bubbley at 140 (and many people said it would never be back below 100. lol)

then, it became WAY oversold.

sometimes an asset just screams BUY (or sell) me!