Money managers who are reducing their bullish bets on oil are following a “dangerous” strategy, according to Goldman Sachs.

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 has been surging this week but Goldman Sachs is calling for gains to be short-lived.

HIGH oil prices pushed markets for agricultural commodities to new highs last week.