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N.Sea Brent crude oil jumps $2 after Goldman note

Published 05/24/2011, 08:57 AM
Updated 05/24/2011, 09:00 AM
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LONDON, May 24 (Reuters) - North Sea Brent crude oil futures rose $2 per barrel on Tuesday after U.S. investment bank Goldman Sachs raised its forecasts for the contract, citing strong fuel demand growth.

Goldman Sachs increased its year-end target for Brent to $120 per barrel from $105 and its 2012 forecast to $140 from $120, saying rising demand for fuel would draw down global inventories and strain OPEC's spare oil output capacity.

Brent crude for July rose $2 to $112.10 per barrel, before slipping back a little to trade around $111.95 by 1256 GMT. (Reporting by Christopher Johnson; editing by Jason Neely)

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