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Oil Rises for First Day in Three; Goldman Says Crude Too Cheap

Oil rose for the first time in three days in New York as equities rallied around the world and Goldman Sachs Group Inc. said crude prices are too cheap.

Oil traded near an 11-week high before a government report due tomorrow that may show U.S. fuel supplies increased last week. Goldman Sachs said futures prices are “significantly” below the level warranted by “fundamentals,” offering buying opportunities for this year and next.