Oil prices jumped over 1 percent on Monday after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit following global oil disruptions.
Brent crude futures were trading at $48.47 per barrel at 0703 GMT, up 64 cents, or 1.3 percent, from their last settlement.
U.S. crude futures were up 62 cents, or 1.3 percent, at $46.83 a barrel.
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