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Goldman sees strong case for higher oil prices despite negative shocks

The market will remain in unsustainable deficits at current prices and balancing it will still require 'demand destruction on top of the ongoing economic slowdown', says the investment bank

crude oil
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Reuters
Goldman Sachs said the case for higher oil prices was still strong with current supply shortfalls well above its expectations in recent months, despite a recent retreat led by factors including global recession concerns.

The market will remain in unsustainable deficits at current prices and balancing it will still require "demand destruction on top of the ongoing economic slowdown," the investment bank said in a note dated Aug. 7.

Oil prices hovered near multi-month lows on Monday, pressured by lingering worries about an economic slowdown.

Goldman said a divergence between benchmark Brent prices, which averaged $110 a barrel in June

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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