From Bloomberg:

The oil market may be starting to rebalance as U.S. production shows signs of declining and output in Nigeria and Kurdistan is disrupted, potentially shrinking the global oversupply, according to Goldman Sachs Group Inc.

“Storage constraints and a still large oversupply in coming months will continue to keep prices in a trendless and volatile range,” Goldman analysts including Damien Courvalin wrote in a report dated March 11. The bank expects oil to trade between $25 to $45 a barrel in the second quarter of this year, compared with a range of $20 to $40 in the first three months.

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