A crude oil tanker unloads at Qingdao Port, Shandong province. Photo: Reuters/Stringer
A crude oil tanker unloads at Qingdao Port, Shandong province. Photo: Reuters/Stringer
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Still confident on Commodities: Goldman Sachs

Analysts see prices recovering later this year despite last week’s sell-off

March 13, 2017 7:55 PM (UTC+8)

Despite the Bloomberg Commodities Index decline of 3.4% last week, the biggest drop since July, Goldman Sachs maintains confidence in raw materials. According to a March 12 report, analysts expect tightening supply will see higher prices return later this year. Barclays PLC also said in a note this week that they are bullish on crude oil through 2020. Goldman analysts suspect that the sell-off last week was driven by misplaced concern over China, despite rising demand coming from the country and signs that underlying market fundamentals have been strengthening.

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