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Differing Views on Oil Price Direction

OIL

Higher consumer prices are required to balance the oil market according to a note from Goldman Sachs while Citigroup warned prices could fall below 70$/bbl.

  • Goldman Sachs said that the odds of a recession are rising but “it is premature for the oil market to be succumbing to such concerns. The global economy is still growing with the rise in oil demand this year set to significantly outperform GDP growth.”
  • The note said that the current oil deficit remains unresolved with demand destruction through high prices the only solution to critically low inventories.
  • In a global commodities report Citigroup suggested commodities have peaked but prices should remain high in the second half of the year and a recession could result in lower levels.
Energy BulletsCommodities
Energy BulletsCommodities

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