US-China trade war doesn’t change the bull case for oil, Goldman’s commodity chief says

The chief commodity researcher at Goldman Sachs says the bull case for oil remains in tact despite an escalating trade dispute between the world’s two biggest economies that has stoked fears of weakening demand for crude.

U.S. crude settled at a seven-week low below $67 a barrel on Thursday. It is now on pace for its worst string of weekly losses in three years, after China threatened a new round of retaliatory tariffs against the United States.

But Jeff Currie, Goldman’s global head of commodities research, is keeping his $70 price target on U.S. crude for 2018, pointing to global economic growth that is tracking around 4.3 percent and could accelerate to 4.7 percent in the bank’s view…

 

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