(Bloomberg) -- Goldman Sachs Group Inc. is confident in crude’s upward trajectory even after banking turmoil caused the bank to tamp down its price forecasts this year, according to Jeff Currie, global head of commodities .
“We would argue you are buying the dip at this point,” Currie said during a Friday interview with Bloomberg Television. “I have never seen a market sell off that sharply, but retain a bullish structure.”
Read more: Goldman Sachs No Longer Sees Oil Reaching $100 This Year
Citing encouraging macro data from China, Goldman still sees the nation’s rebound reinforcing a “solid recovery” into the latter part of the year. The next catalyst for oil prices to rise is solid draws on a global basis, which the bank expects to see by June, when demand usually takes off seasonally.
Oil is headed for a fifth monthly decline after panic in the wake of multiple bank failures sent the price crashing to 15-month lows. The major benchmarks, West Texas Intermediate and Brent, have begun to recover some of that ground as the fear of contagion recedes and money managers return to the sector.
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