Oil Price hits one-year high at $53

                                                                                          Brent,against which half of the world's oil is priced, on Monday hits its highest level since
 October 12, 2015, reaching $53.73 per barrel, before pairing gains to trade at $53.18 by 7.10pm Nigerian time.

But Goldman Sachs Group Incorporated had said oil's rally would stall at $55 per barrel as the US shale drillers got back to work and a "wall of supply" from investments made over the past decade hit the market.

The Head of Commodities Research, Goldman Sachs, Jeff Curie, said in a Bloomberg television interview that global oil markets were set to remain 'oversupplied' in 2017 amid the return of disrupted output in Nigeria and Libya, resilient US shale production and the start of major projects inaugurated over the past 10 years.