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On October 8, Goldman Sachs analysts revealed that this week's oil rally is expected to fade, and the rebalancing of oversupply in the oil market with demand growth stimulated by low prices will not take until 2016
.
National crude oil futures have risen 9% since last Friday (October 2), and the US Department of Labor reported that the US added much less employment in September than expected
.
The disappointing data increased investor expectations that the Federal Reserve could delay raising interest rates for the first time in nine years until 2016
.
Goldman Sachs said the surge in crude oil could be changed by positioning and technicality, rather than any fundamental fundamentals
.
The firm noted that the rise in oil prices coincided with a rally in assets exposed to emerging markets, and the usual rule of thumb is that capital flows out
again.
The MSCI Emerging Markets Index has risen more than
7 percent since Friday.
Goldman Sachs said that while the Fed's decision to close to zero interest rates was a short-term boon for emerging markets, it was ultimately pessimistic because it showed central bankers believed economic activity in the U.
S.
and developing countries remained weak, noting that oil demand remained skewed to the downside, and the risk to the downside was raised
.
On October 8, Goldman Sachs analysts revealed that this week's oil rally is expected to fade, and the rebalancing of oversupply in the oil market with demand growth stimulated by low prices will not take until 2016
.
National crude oil futures have risen 9% since last Friday (October 2), and the US Department of Labor reported that the US added much less employment in September than expected
.
The disappointing data increased investor expectations that the Federal Reserve could delay raising interest rates for the first time in nine years until 2016
.
Goldman Sachs said the surge in crude oil could be changed by positioning and technicality, rather than any fundamental fundamentals
.
The firm noted that the rise in oil prices coincided with a rally in assets exposed to emerging markets, and the usual rule of thumb is that capital flows out
again.
The MSCI Emerging Markets Index has risen more than
7 percent since Friday.
Goldman Sachs said that while the Fed's decision to close to zero interest rates was a short-term boon for emerging markets, it was ultimately pessimistic because it showed central bankers believed economic activity in the U.
S.
and developing countries remained weak, noting that oil demand remained skewed to the downside, and the risk to the downside was raised
.
