Recent data show that the rebalancing of the oil market is speeding up and if the drawdown trends are sustained, stockpiles will normalize by early 2018, Goldman Sachs said on Thursday, adding that it was “cautiously optimistic” on oil prices. “While OPEC’s production path remains uncertain, recent fundamental oil data have come in even better than we had expected,” Goldman said in a note, as quoted by CNBC. “If sustained, these trends would help achieve the normalization in inventories by early next year,” the investment bank added. Over the past month, oil prices have rebounded thanks to robust demand, strong draws in U.S. inventories, and drops in U.S. rig counts, Goldman said. Oil prices have risen above the investment bank’s price projection for September 2017 of US$50 per barrel of Brent, Goldman Sachs said. The EIA reported this week another hefty decline in U.S. commercial crude oil inventories for […]