The following is a selection of the most important news affecting the oil market.
David Greely, Goldman Sachs Group Inc.’s head of energy research, is joining Bridgewater Associates LP, according a spokeswoman for Bridgewater.
Oil prices may surge if Europe resolves its sovereign debt crisis, bolstering demand while stockpiles are down, said David Greely, head of energy research at Goldman Sachs Group Inc. in New York.
Oil prices may rebound if government policy makers take steps to contain the European debt crisis and counter weaker economic growth in the U.S. and China, according to Goldman Sachs Group Inc.
Oil climbed to the highest level in more than four months as the Federal Reserve’s plan to buy mortgage securities boosted demand for commodities and stocks.
Goldman Sachs Group Inc. cut its forecast for Brent crude futures next year as it signaled stability in long-term prices “anchored” by growth in non- conventional oil supplies from North America.
Oil prices are rising because of an improving economic outlook rather than geopolitical tension with Iran, according to Goldman Sachs Group Inc.
Oil fell below $100 a barrel for the first time since February as U.S. employers added fewer workers than forecast, stoking concern that demand won’t be enough to reduce inventories from their highest level in 21 years.
The difference between the world’s two most-traded grades of oil is narrowing as North Sea production rebounds from the lowest level in five years.
Crude traded near its highest close in a week after a measure of U.S. manufacturing beat estimates and before a report forecast to show shrinking fuel inventories in the world’s biggest oil consumer.
"With an improving outlook for non-OPEC supply growth in 2013, we are lowering our Brent crude oil price forecast."
- David Greely on Oct 18, 2012