“Oil rose in New York after its biggest loss in more than a week, on signs of shrinking crude inventories and as a drop in the dollar heightened the oil’s appeal for protecting against inflation.
Goldman Sachs Group Inc. and Morgan Stanley increased their oil-price forecasts as conflict in Libya prolonged the loss of supplies. An Energy Department report tomorrow may show U.S. crude inventories fell last week. Gasoline demand typically jumps from the Memorial Day holiday as motorists take to the roads for summer vacations. Oil also gained as the dollar weakened versus the euro after data showed Germany’s economy grew at the fastest pace in almost a year.”
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