The Global Oil Glut Returns as High Prices Crush Demand

The global crude oil market is moving back towards oversupply, according to analysts from Goldman Sachs and JPMorgan, with demand destruction from high prices causing fears of a deficit to fade and concerns of a glut to rise. “We estimate the global oil market returned to a surplus of 1.1 million barrels per day ‌in September, widening to 1.4 million bpd in October, nearly matching last year's average of 1.3 million bpd,” JP Morgan said in a report this week. Goldman, meanwhile, saw the oil market as being balanced in both September…