• Goldman Sachs strategists shared their oil price target of $140 a barrel in a recent note.
  • Crude briefly slipped into a bear market this week and has fallen 15% over the past month.
  • But commodity investors are too worried about a recession, Goldman Sachs said.

Goldman Sachs is still bullish on oil, even as crude pulls away from its 2022 peak toward $100 a barrel.

Strategists shared a price target of $140 per barrel for Brent crude and a target of $137 per barrel for WTI crude in a recent research note.

Recession risks have spooked commodity investors this year, with fears growing that an economic slowdown could lead to demand destruction.

But Goldman Sachs said a collapse in crude demand is unlikely.

“A sweet


is not a commodity risk,” they said. “The ongoing slowdown in global economic growth… poses little threat to demand for commodities and, given the inherent structural constraints on supply, should not preclude further inflation of physical goods.

Other investors have also predicted that demand for crude oil will remain strong, especially as China eases Covid-19 restrictions.

“As China begins to reopen, we will unfortunately see higher energy prices,” Nancy Tengler, chief executive of Laffer Tengler, told CNBC earlier this week.

Oil prices soared above $125 a barrel in March after Russia invaded Ukraine. But they have fallen around 15% in the past month – with the asset class briefly entering a

bear market


Brent crude was trading at $104.60 a barrel as of 7:10 a.m. ET Friday, while WTI crude was priced at $102.47 a barrel.

Read more: Bank of America predicts a Russian oil export ban could push prices up to $200 a barrel – and explains why it could trigger a global recession or stock market crash