RTTNews - Crude oil surged again on Thursday, boosted by an encouraging outlook from Goldman Sachs. Earlier, oil moved to within 40 cents of the key $70 a barrel mark.
Light sweet crude rallied to $68.81 per barrel, up $2.69 on the session. Oil hit a multi-month intraday high of $69.60 earlier in the day.
Goldman Sachs raised its year-end forecast for crude oil to $85 per barrel, up from the prior expectation of $65 per barrel. The firm also indicated it no longer expects another drop before a rally.
Thursday in economic news, the Labor Department reported initial jobless claims fell to 621,000 from the previous week's revised figure of 625,000. Economists had been expecting jobless claims to edge down to 620,000 from the 623,000 originally reported for the previous week. On Friday, the Labor Department's monthly report will be released at 8:30 a.m. ET.
Oil fell sharply yesterday after Energy Information Administration data showed crude oil inventories increased by 2.9 million barrels in the week ended May 29. Experts were looking for a drop of about 2 million barrels. At 366.0 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year.
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