Too soon for the oil price to drop on recession concerns – Goldman Sachs
Even after witnessing the biggest daily fall in oil prices in four months, Goldman Sachs (GS) cites the unresolved global supply deficit and the previous rally of black gold in its latest report.
The US bank also mentioned that it is too soon for the oil price to drop on recession concerns.
It’s worth noting that Citibank expects the energy benchmark to drop to $65.00 on recession fears.
On the other hand, JP Morgan cited hopes of witnessing $380 as a price while saying that it's "inconceivable" that the US is already in recession “For a labor market that has generated close to 500k average monthly gains for the past six months".
Elsewhere, comments from Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, also couldn’t please the black gold buyers.
Also read: WTI pares biggest daily loss in four months around $99.00 amid recession fears
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
