The global crude oil market is moving back towards oversupply, according to analysts from Goldman Sachs and JPMorgan, with demand destruction from high prices causing fears of a deficit to fade and concerns of a glut to rise. “We estimate the global oil market returned to a surplus of 1.1 million barrels per day ‌in September, widening to 1.4 million bpd in October, nearly matching last year's average of 1.3 million bpd,” JP Morgan said in a report this week. Goldman, meanwhile, saw the oil market as being balanced in both September…

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