Oil’s collapse into a bear market is excessive because there’s no oversupply to justify the sell-off, according to Goldman Sachs Group Inc. The bank is “near-term constructive about prices” after they fell too much, too soon, analysts including Jeffrey Currie , the head of commodities research in New York , wrote in a report e-mailed today. While speculation of a global oversupply drove down prompt oil, there’s no incentive to store because forward contracts are weaker, potentially creating a near-term shortage as stockpiles are depleted, according to the bank. “The ‘supply glut’ is not yet here today, it exists in expectations,” the analysts wrote. “Prices have also likely overshot to the downside particularly as the lower we go, the tighter the near-term balances become.” Oil slumped as shale boosts U.S. output to the highest level in almost 30 years amid signs of weakening global demand. The biggest producers in […]