Goldman Sachs isn't getting too excited about the rally in oil.
Crude oil prices have risen 15 percent since the start of August on speculation of a reduction in output by OPEC members as well the weakening of the greenback that has boosted demand for oil, which is traded internationally in dollars.
"While oil prices have rebounded sharply since August 1, we believe this move has not been driven by incrementally better oil fundamentals, but instead by headlines around a potential output freeze as well as a sharp weakening of the dollar," Goldman analysts wrote.
"Given the large uncertainty on the timing, magnitude and duration of such supply shifts, we continue to view oil as having to price near-term fundamentals with a lower emphasis on the more uncertain longer-term fundamentals," they said.
Goldman is sticking to its forecast of $45-$50 per barrel forecast for Brent crude oil though next summer.