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Oil Rises as Dollar Slips, Goldman Sachs Boosts Price Forecast

Oil rose in New York as the dollar declined, boosting commodities’ appeal as an alternative investment, and Goldman Sachs Group Inc. and Morgan Stanley increased their price outlooks for crude.

Futures jumped 1.9 percent as the dollar slipped from a nine-week high against the euro after German business confidence unexpectedly stayed near a record in May. Goldman Sachs and Morgan Stanley raised their estimates for Brent oil futures, saying the conflict in Libya is eating into OPEC spare capacity.