WTI Rebound Above $80 Holds as Goldman Sees No Oil Glut
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West Texas Intermediate crude extended its rebound from below $80 a barrel as Goldman Sachs Group Inc. said the market isn’t oversupplied. Brent advanced in London.
Futures rose as much as 2.1 percent in New York, rallying for a second day from a 27-month low of $79.78 a barrel. Prices are still headed for a third weekly loss, having moved into a bear market amid speculation that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will hold off from supply cuts. The decline is “too much, too early” because a crude glut is yet to materialize, according to Goldman Sachs.