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What's happening in the oil market right now is 'unprecedented'

from Business Insider

From Aug. 12: The price of oil has collapsed again. And now the oil market is looking at a future that is "unprecedented." In a note to clients this week, analysts at Goldman Sachs took a look at the market and the supply glut that has been blamed for the collapse in oil prices over the last year. And as Goldman sees it, quite simply, the rules of the market have changed. "The market structure of the New Oil Order is unprecedented," the firm writes, adding that the balance of power between the market's largest and smallest companies has changed. more

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