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=atatnSLu7YlwGoldman 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.