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. The price is now trading around $55 per barrel, down from its peak above $100 on March 10. 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.
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.