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Oil prices jump 1% amid Sach's release
Oil prices, following Goldman Sachs' statement that the market entered into a deficit era amid the two years of oversupply and the worldwide disruption on the commodity, climbed 1% today, Monday.
Brent crude oil at $48.62 a barrel
At 04:41 EST, Brent crude futures traded 1.65% or 79 cents higher at $48.62 a barrel. The crude futures in the U.S. traded at $46.95 a barrel, rising 1.6% or 74 cents.
Moreover, the excess supply was minimized, following the global disruptions that amounted to 3.75 million barrels, thus pulling oil prices 70% lower between 2014 and 2016.
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Monday, 16 May, 2016 / 3:02
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