- WTI crude oil futures rise more than $1 to above $84/bbl, and Brent crude also is up sharply, rising more than $1 to above $87, as Goldman Sachs says the market is not oversupplied.
- "Prices have likely overshot to the downside,” says Jeff Currie, Goldman’s head of commodities research, which leaves his team "near-term constructive, despite being long-term bearish.”
- “The ‘supply glut’ is not yet here today, it exists in expectations,” Goldman says, adding that the recent selloff in oil has been mostly driven by positioning based upon expected fundamental shifts, not actual observable shifts.
- ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI