Oil prices jumped more than 2 percent on Monday to their highest since November 2015 on the back of more disruption to supplies from Nigeria and after long-time bear Goldman Sachs said it was more positive about the market.
Brent crude futures were trading at $49.05 per barrel at 1304 GMT, up $1.23 or 2.5 percent. U.S. crude futures were up $1.23, or 2.5 percent, at $47.44 a barrel.
Supply disruptions have most likely pushed oil production below consumption levels in May for the first time in at least two years, meaning the world has started eating into the huge stockpiles of oil which knocked as much as 70 percent of crude prices between 2014 and early 2016.
The disruptions triggered a U-turn in the outlook for the oil market from Goldman Sachs, which had long warned of global storage hitting capacity and of another oil price crash to as low as $20 per barrel.
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