Goldman Sachs has rejected analysts’ opinions that the global oil market is recovering, noting that while it expects a “modest” deficit in the coming months based on the slight rebound in oil prices, the market will again be in a state of surplus by early next year.

It may seem as if oil is recovering on the back of supply disruptions that have helped to chip away at the global glut and push prices close to $50, but Goldman says that in the best-case scenario this isn’t a rebound—it’s just the first signs of one.

Goldman Sachs’ analysts point to the restart of Canadian oil sands production following the devastating wildfires, and OPEC’s stay-the-course production as two indications that the a surplus is in store for early next year. They also note…continue reading HERE

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