June 4 (Bloomberg) -- Crude oil rose to a seven-month high and gasoline surged after Goldman Sachs Group Inc. said prices may reach $85 a barrel by the end of the year as demand recovers and supplies shrink.
Oil climbed more than 4 percent after the bank increased its year-end forecast from $65 and withdrew a 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 $2.69, or 4.1 percent, to $68.81 a barrel at 2:51 p.m. on the New York Mercantile Exchange, the highest settlement since Nov. 4. It was the biggest gain since May 18. Prices are up 54 percent this year.
Gasoline for July delivery rose 6.05 cents, or 3.2 percent, to end the session at $1.9621 a gallon in New York. It was the highest settlement since Oct. 9. more...
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