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Goldman Sachs on oil, in brief: • Sees a $90/bbl ceiling in their base case of no geopolitical supply hits, and the risks to their $75-$90 range as modestly to the downside for oil prices. • We expect that healthy consumers and solid summer demand for transportation and cooling will push the oil market in a sizable Q3 deficit of 1.3mb/d. • "We therefore ...
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The crude oil selling resumed on Friday after a two-day respite, although the losses were not as severe as those observed earlier in the week and far less forceful than the drop in metals. This is because a strong jobs report and services PMI data both helped to reduce fears over weakening demand in the US. Still, concerns over China remained and prices ...