Oil advanced as Goldman Sachs Group Inc. said the market moved into a deficit earlier than expected and China’s refineries processed crude at record rates. Futures surged as much as 1.7 percent in New York and London. The market shifted into deficit this month, a quarter earlier than expected, on strong demand and falling production, Goldman Sachs said in a report. The bank raised its price estimates and projected a return to surplus early next year. Chinese refineries processed 10.93 million barrels a day of oil in April while domestic crude production fell to the lowest in 14 months, according to government data. Oil has rebounded after falling earlier this year to the lowest since 2003 amid signs the worldwide glut will ease as U.S. output declines. The global surplus in the first half of 2016 is smaller than previously estimated because of robust demand in India and other […]