London-The world is entering a “long-lasting bull market” for commodities, with even oil set to benefit as recent underinvestment, dollar weakness, government spending and the energy transition boost demand across the board, Goldman Sachs’ global head of commodities research, Jeffrey Currie, said Dec. 8. Speaking at an FT Live event, Currie said “every single commodity market with the exception of wheat is in a deficit today” and highlighted the example of oil, saying capital expenditure in the oil sector had fallen an unprecedented 40% in the first half of the year. He argued that even oil demand would be boosted by spending on the energy transition, due to the volume of oil consumed in the course of green energy infrastructure projects.
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