"This rebound has been fueled by a macro risk-on backdrop and a policy induced Chinese crude import binge, yet fundamentals are turning bearish," Goldman continued.
To make matters worse Goldman expects supplies to increase with US shale and Libyan shut-in production coming back online.
Oil giants have had a rotten past few months and yesterday BP announced 10,000 job cuts.
Chief executive Bernard Looney blamed the jobs cuts on the tumbling oil price since coronavirus began in March, which has led to BP's debt pile widening significantly.
He said in an email: "The oil price has plunged well below the level we need to turn a profit. We are spending much, much more than we make - I am talking millions of dollars, every day.
"And as a result, our net debt rose by $6 billion in the first quarter."
