Oil prices may be dropping, but oil is still headed for $140 per barrel, Goldman Sachs said on Thursday, and could even hit $140 in the face of a recession.
“$140 is still our base case because, unlike equity, which are anticipatory assets, commodities need to solve for today’s mismatched supply and demand,” energy analyst Damien Courvalin said, who compared today’s market to the recession in 2008.
At that time, oil prices rallied even during the ...