Goldman Sachs Predicts An Oil Price Rally

Goldman Sachs continues to be bullish on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is currently underway. Should major economies, including the U.S., avoid deep recessions, the foundations for a rally across the commodity complex remain intact, Goldman Sachs analysts wrote in a note, although they admitted their price calls have been wrong so far this year.

“Bulls, like ourselves, find comfort in the fact that end-use demand across the commodity complex has not shown recessionary…