Oil Trades Near Highest in a Month as Goldman Sees ‘Upside Risk’
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Oil traded near the highest price in more than a month in New York after Goldman Sachs Group Inc. predicted “upside” potential, amid signs U.S. crude stockpiles are increasing less rapidly than previously forecast.
Futures were little changed after advancing 2.3 percent yesterday. Energy Department data today may show that supplies climbed 2 million barrels. Yesterday’s report by the industry-funded American Petroleum Institute indicated they dropped for a third week. Goldman Sachs said an improving economic outlook in Europe and declining crude supplies may present “a real upside risk” to Brent prices.