Brent crude will soon drop to $ 75 a barrel after plunging into a bear market in the past six months , according to Jeff wells , head of commodity research at Goldman ##field . prices fell below $ 65 this week after reaching a four - year high of $ 87 in September . Concerns about global demand for oil are " overblown " and the rapid decline over the last few days was fueled by momentum trading , a process in which traders buy or sell assets as the price moves decisively higher or lower .
Brent crude will soon return to $75 a barrel after plunging into a bear market in the past six weeks, according to Jeff Currie, head of commodity research at Goldman Sachs. Brent fell below $65 this week after reaching a four-year high of $87 in September. Concerns about deteriorating demand for oil are "overblown" and the rapid decline over the last few days was driven by momentum trading, a strategy in which traders buy or sell assets as the price moves decisively higher or lower.