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2016-05-16 21:00:00

OIL MARKET DEFICIT

OIL MARKET DEFICIT

Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.

Brent crude futures were trading at $48.83 per barrel at 1118 GMT, up $1 or 2.05 percent. U.S. crude futures were up 98 cents, or 2.08 percent, at $47.19 a barrel.

Supply disruptions around the world of as much as 3.75 million barrels per day (bpd) have wiped out a glut that pulled down oil prices by as much as 70 percent between 2014 and early 2016.

The disruptions triggered a U-turn in the outlook of Goldman Sachs, which had long warned of global storage hitting capacity and of yet another oil price crash to as low as $20 per barrel.

"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman said.

"The market likely shifted into deficit in May ... driven by both sustained strong demand as well as sharply declining production," it said.

reuters.com

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Earlier: 

OIL DEMAND UP 

OIL PRICES UP TO $47 

RUSSIAN OIL UP 

OIL MARKET BALANCE 

OIL PRICES: 2016: $41; 2017: $51

 

 

Tags: OIL, MARKET, DEMAND, PRICES
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Chronicle:

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