In its latest client note, David Currie, Head of Commodities Research at Goldman Sachs, said that there remains a significant upside risk in oil.
Key Highlights:
“Brent crude will “overshoot” his $67.50/bbl price target in 2019.
China imports were up 30% y/y for December.
Supply is still coming off the market, both OPEC and non-OPEC oil producing countries cutting.
Global demand remains benign.
Recent economic data shows that what people think will happen is more negative than data releases would suggest.”
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