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Bloomberg :Oil rose the most in almost a week.

Date: Tue, 24 May 2011

Oil jumped as much as 2.2 percent as the Dollar Index,
which tracks the currency against six major counterparts,
slipped from a seven-week high and U.S. equities advanced.
Goldman Sachs and Morgan Stanley raised their estimates for
Brent oil futures, saying the prolonged conflict in Libya is
eating into OPEC spare capacity.
     “The dollar’s under pressure and you’re having a bit of an
equity market rebound,” said Gene McGillian, an analyst and
broker at Tradition Energy in Stamford, Connecticut. “The
upward revisions to some of the investment-bank oil forecasts
may be lending a certain positive sentiment to this market.”
     Crude for July delivery rose $1.82, or 1.9 percent, to
$99.52 a barrel at 9:39 a.m. on the New York Mercantile
Exchange, the biggest increase since May 18. Prices have climbed
42 percent in the past year.
     Brent crude for July settlement gained $2.21, or 2 percent,
to $112.31 a barrel on the London-based ICE Futures Europe
exchange. Prices are up 58 percent in the past year.
     The Dollar Index slipped 0.2 percent to 75.962 from 76.104
yesterday, the highest level since April 1. The euro climbed 0.3
percent to $1.4096 after the Federal Statistics Office said
German gross domestic product increased 1.5 percent in the first
quarter from the previous three months when adjusted for
seasonal swings.
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