Oil price rally: "not sustainable in the current environment" – Goldman Sachs

Analysts at Goldman Sachs noted in its recent report that the ongoing rally in the oil prices is not sustainable given the uncertainties in the global financial markets.

Key Points:

The rising oil prices "simply are not sustainable in the current environment"

The market "needs lower prices", because high price will see US shale producers ramping up output, and the dynamics will mean that "an oil price rally will prove self-defeating, as it did last spring."