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Oil prices shot up to six-and-a-half month peaks Monday as Goldman Sachs said the market faces a short-term supply deficit due to production outages.
A much-cited report by the US banking giant said supply disruptions in Nigeria and better demand overall had created a surprising supply crunch in the short run.
US benchmark West Texas Intermediate for June delivery rose $1.51 to $47.72 a barrel.
Brent North Sea oil for July delivery climbed $1.14 to $48.97 a barrel in London.
The Goldman forecast is the latest in a series of reports to point to a tighter market. The International Energy Agency last week predicted the glut would shrink in the second half of 2016, due in part to stronger-than-expected demand from India.
However, Goldman gave a muted outlook beyond the rest of 2016, saying strong output in Iraq and Iran , among other factors, would shift the market back into surplus in the first quarter of 2017, keeping prices at $45 a barrel.
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Posted in: Indian Market Tips
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