Crude surges 1% as Goldman says oversupply ended
The Dollar Business Bureau The prices of oil surged more than one percent on Monday after Goldman Sachs said the oil oversupply of two years in the market had ended due to oil disruptions globally and overturned into a deficit. The Brent crude futures LCOc1 were traded at $48.50 per barrel at 0255 GMT, a rise of 67 cents, or 1.4 percent, from their previous settlement. Oil disruptions from major suppliers including China, Nigeria, the United States, and Venezuela, caused a U-turn in the oil outlook of Goldman Sachs, which has for long cautioned of bloated storage and another steep fall in the oil prices. "The oil market has gone from nearing storage saturation to being in deficit ...
