Investing.com - Oil prices jumped over 1% on Monday after long-time bear Goldman Sachs (NYSE:GS) said the market had ended almost two years of oversupply and flipped to a deficit following global oil disruptions.
Brent crude futures were trading at $48.62 per barrel at 04:41ET, up 79 cents, or 1.65%, from their last settlement.
U.S. crude futures were up 74 cents, or 1.6%, at $46.95 a barrel.
Supply disruptions around the world of as much as 3.75 million barrels per day have wiped out a glut that pulled down oil prices by as much as over 70% between 2014 and early 2016.