Goldman raises oil price forecast

Goldman Sachs has upped its price target for crude for the second half of 2016 to $50 a barrel, saying that the global oil market has slipped from a surplus faster than it previously expected. “The physical rebalancing of the oil market has finally started” the bank said. According to Goldman analysts Damien Courvalin and Jeffrey Currie a decline in production driven by unexpected supply disruptions, as well as sustained demand, have resulted in a “sudden halt” to the output surplus. The bank expects global demand to grow by 1.4 million barrels a day in 2016, versus 1.2 million predicted previously. Read more here: (VIEW LINK) (Source: Bloomberg)