Oil climbed to a six-month high as Goldman Sachs said the market moved into a deficit earlier than expected following supply disruptions in Nigeria and an increase in demand.

Oil is poised for the lowest quarterly average price since the start of 2009 as industry data showed US crude stockpiles increased and Opec’s second-largest producer boosted output.

Brent crude rose as violence flared in Opec’s two biggest members Iraq and Saudi Arabia, raising tensions ahead of the producer group’s meeting on June 5 in Vienna.

Crude oil prices should fall because global supply is outweighing demand, according to Saudi Arabia’s oil minister Ali al-Naimi.

Oil fell for a third day after government data showed US inventories rose to the highest level in more than five months and on expectations that the Federal Reserve will not take new action to bolster the economy.

OIL dropped for a second day in New York as US equities declined on a decrease in JPMorgan Chase & Co’s earnings and crude supplies increased more than forecast.

An oil broker suffered losses of £6m (€7m) after a suspected rogue trader allegedly carried out unauthorised trading, according to reports.