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Oil jumps as Goldman Sachs claims oversupply problems over – business live

Discussion in 'Market News' started by Lily, May 16, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
    Likes Received:
    All the day’s economy and financial news, as crude prices head back towards $50 per barrel

    The agenda: Weak Chinese data pushes shares down

    8.20am BST

    The oil price has jumped this morning after Goldman Sachs declared that the long run of oversupply was coming to an end.

    In a new report, the Wall Street firm argues that the oil market has actually flipped into deficit, due to various supply disruptions.

    “The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected....

    The market likely shifted into deficit in May ... driven by both sustained strong demand as well as sharply declining production.”

    7.56am BST

    Good morning, and welcome to our rolling coverage of the financial markets, the global economy, the eurozone and business.

    There’s a definite Monday morning feeling in the City today.

    “We’re seeing that growth engines are losing momentum, and the growth outlook has turned soft as well.

    It’s clear the government wants to manage down or re-anchor market expectation.”

    Continue reading...

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