Oil prices jump as Goldman Sachs says market flips into deficit

A worker grabs a nozzle at a PTT gas station in Bangkok, Thailand, January 5, 2016.

Oil prices jumped over 1 percent on Monday after long-time bear Goldman Sachs said the market had ended almost two years of oversupply following global oil disruptions and flipped to a deficit.

International Brent crude futures LCOc1 were trading at $48.50 per barrel at 0255 GMT, up 67 cents, or 1.4 percent, from their last settlement.