Bloomberg News

Crude Rises First Day in Seven; Goldman Says Decline Unwarranted

May 20, 2012

Oil for June delivery rose as much as 49 cents, or 0.5 percent, to $91.97 a barrel in electronic trading on the New York Mercantile Exchange, and was at $91.93 at 11:36 a.m. Sydney time. Prices have fallen the past six days and are down 12 percent this month.

The extent of the sell-off was unwarranted as the balance between supply and demand is tightening, Goldman Sachs Group Inc. said in a report e-mailed today.

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net


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