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A “wall of supply” is about to stop oil’s rally as drillers up the ante, according to Goldman Sachs.
Goldman head of commodities research Jeff Currie says global oil markets will remain “very oversupplied” next year as Nigeria and Libya begin pumping again and major projects commissioned over the last decade begin to come to fruition, Bloomberg reports.
“We’re still seeing a lot of oil enter this market,” Currie said in an interview with Bloomberg TV. “It’s hard for this market to go above $55.” US oil futures rose to a three-month high on Wednesday, trading at $49.54 a barrel. [Bloomberg]
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