Oil prices jump as Goldman Sachs says market flips into deficit

Oil prices jumped over 1 percent on Monday after long-time bear Goldman Sachs said the markethad ended almost two years of oversupply and flipped to a deficit following global oil disruptions.

Brent crude futures were trading at $48.47 per barrel at 0703 GMT, up 64 cents, or 1.3 percent, from their last settlement.

U.S. crude futures were up 62 cents, or 1.3 percent, at $46.83 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 over 70 percent between 2014 and early 2016.

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Posted in: Indian Market Tips