Oil Drops First Time in Three Days; Goldman Raises Brent Outlook
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Oil fell for the first time in three days as speculation that fighting may subside in Libya eased concern supply cuts will spread through the Middle East.
Crude slid as much as 2 percent after al-Jazeera reported an offer by Libya’s Muammar Qaddafi to relinquish power. The Organization of Petroleum Exporting Countries has made up for supply cuts in the North African country, Qatar’s oil minister said today. Goldman Sachs Group Inc. increased its second-quarter Brent price forecast to $105 a barrel as OPEC spare capacity shrinks amid the disruptions.