UPDATE 10-Oil hits 6-month highs on supply outages, Goldman forecast

Mon May 16, 2016 3:34pm EDT
 
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* Goldman Sachs says market likely flipping into deficit

* Cushing stockpile build pares gains

* Libyan port to resume oil exports after earlier blockade

* Exxon Mobil seen ramping up Nigeria's Qua Iboe crude output

* Venezuela strikes sweeter oil-for-loans deal with China (Updates to market settlements)

By Barani Krishnan and Dmitry Zhdannikov

NEW YORK/LONDON, May 16 (Reuters) - Oil prices hit six-month highs on Monday on worries about global supply outages and as long-time bear Goldman Sachs sounded more positive on the market, although a stockpile build at the U.S. storage hub for crude futures limited gains.

Expectations of resumption in oil exports from a Libyan port, a ramp up in Nigerian crude production by Exxon Mobil Corp and an improved oil-for-loans deal reached by Venezuela with China furthered the tempered the bullish theme in oil.

Brent crude futures settled up $1.14, or 2.4 percent, at $48.97 per barrel. It rallied to $49.47 earlier, its highest since early November, in a test towards $50.   Continued...