Oil Closes Near $70 a Barrel
Crude oil rose to near $70 a barrel Thursday before receding to close the trading day at just under $69 on the New York Mercantile Exchange, Bloomberg reported.
Crude futures gained $2.69, or 4.1%, to close the Nymex trading day at $68.81 a barrel, a seven-month high, Bloomberg said.
The increase was due in part to a report by analyst firm Goldman Sachs Group that said prices could reach $85 by the end of the year as demand recovers and supplies shrink.
Futures hit $69.60 earlier in the day before retreating and oil has risen 54% this year, Bloomberg reported.