Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally

The prospects of China’s oil demand and expected further economic stimulus in the world’s top crude importer have played the biggest role in the oil price rally in July, according to Goldman Sachs. Oil prices were rising early on Monday ET and headed to the strongest monthly gain since January 2022, with Brent trading above $85 and WTI up 1% to above $81 per barrel.   The negative sentiment about China’s post-Covid recovery and oil demand from earlier this year has turned into a positive view on the oil market for the…