Oil prices jump 1% amid Sach's release

Monday, 16/05/2016 | 15:02 GMT

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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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Source: https://www.argusfx.com/en/research-education/market-analysis/news/oil-prices-jump-1--amid-sach-s-release

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