Salient to Investors:
Goldman Sachs forecast that supplies at the US delivery hub in Cushing, Oklahoma, will shrink at the end of May.
Goldman Sachs now recommends buying September 2013 WTI and selling September 2013 Brent rather than the June spread because weaker production growth in Texas and New Mexico greatly reduces the risk that Gulf Coast refineries face an oversupply of light crude that would depress WTI prices in half2 2013.
Michael Poulsen at Global Risk Mgmt said any healthy demand for oil will have to come from Asia or the Middle East, while hopes for a Chinese money bazooka have increased.Oil in New York has technical support at its 100-day moving average at $92.22 a barrel.
Ric Spooner at CMC Markets said crude inventories keep rising as any increase in demand is being met by more than adequate gains in supplies.
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