Oil will rise above $100 in 3Q-Goldman Sachs
2023.01.11 13:06
Oil will rise above $100 in 3Q-Goldman Sachs
By Ray Johnson
Budrigannews.com – Goldman Sachs Group Inc. (NYSE:) predicts that China’s reopening following the Lunar New Year celebrations later this month will affect commodity prices, particularly.
“What is the best play for reopening? In an interview with Bloomberg Television on Wednesday, the global head of commodities research for the bank, Jeff Currie, stated that it is oil. What is inactive? automobiles, trains, and planes. If you turn them all back on, there will be a significant increase in oil demand.
Currie stated that if China and other Asian economies fully reopen from coronavirus restrictions, a barrel of could reach $110 by the third quarter. On Wednesday, futures are trading above $82 per barrel.
Currie added that copper is likely to reach $11,500 per ton by the end of 2023, surpassing $9,000 per ton for the first time since June. According to the projections made by Trafigura Group, the price could eventually reach $15,000 per ton.
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