NEW YORK : Oil prices on Thursday set a new high for the year, buoyed by a weaker dollar and the first drop in unemployment since January. Benchmark crude for July delivery was up $2.69 to settle at $68.81 a barrel on the New York Mercantile Exchange. Oil climbed as high as $69.60 earlier in the day.
In London, Brent prices rose $2.83 to settle at $68.71 a barrel on the ICE Futures exchange. Oil prices have rallied for three months, and they soared this week to their highest levels since November. Crude now fetches nearly twice its February price, mostly on the expectation that the dismal U.S. economy could be stabilizing. Goldman Sachs boosted its forecast for benchmark crude based on expectations that the economy will stabilize and OPEC production cuts will shrink global supplies. It now expects oil to cost $85 a barrel by the end of the year, up from its previous estimate of $65 a barrel. Nevertheless, experts say the market is filled with more enthusiasm than is warranted by the huge surplus of petroleum in the U.S. YellowBrix *6/5/2009 1:46:29 PM GMT* Regards Sagar --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
