Oil Market Update : Epic Research Singapore

Oil futures rallied more than 3% on Monday after Goldman Sachs said that the market is now in a supply shortfall, boosting prices for a commodity that has been under pressure from a severe glut for almost two years.

June West Texas Intermediate crude CLM6, +1.07%  rose $1.51, or 3.3%, to settle at $47.72 a barrel on the New York Mercantile Exchange, the highest settlement since early November. Brent crude for July delivery LCON6, +0.59%  gained $1.14, or 2.4%, to $48.97 a barrel.

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