Oil futures jump over 3% on potential supply shortfall

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, +0.92%  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, +0.47%  gained $1.14, or 2.4%, to $48.97 a barrel.

Goldman Sachs said that the recent outages from large producers such as Canada and Nigeria had sent the oil market from near full storage levels to a deficit.

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