Oil prices rallied on Tuesday but remained close to an 11-year low after one of the most influential banks in commodities warned that the market would remain oversupplied well into 2016. Brent, the international oil marker, had dropped to its lowest level in a decade in the previous session amid concerns about a persistent supply glut. Crude stocks in the developed world have swollen to almost 3bn barrels. In a report Goldman Sachs said global oil production had outpaced demand by a “significant” 1.5m barrels a day in the fourth quarter, a level that could be sustained into the second half of next year because of production “surprises” and mild winter weather, which has dented demand. “We view the oversupply as continuing well into next year before rebalancing in the fourth quarter of 2016,” said the report, which repeated the bank’s view that prices may need to fall to $20 to rebalance the market. ICE February Brent rose 16 cents to $36.51 a barrel, having touched $36.04 in the previous session. Its US counterpart was also higher — Nymex February West Texas Intermediate rose 30 cents to $36.10.