RE:Oil Price Up Next Week I know we have a global deficit in oil but seriously, how much more do you want consumers to pay?” said Kilduff. “There is a limit to the supply tightness hype. I’m pretty sure that we’ll be hearing cries of ‘oversold’ from the other side after this and we could jump a couple of dollars or more after the weekend. But this is a good reminder that there are still some sane heads in the market examining all the macroeconomic data that’s coming in, and reacting accordingly.”
Among that “other side” was Goldman Sachs' chief commodities analyst Jeff Currie, who’s stood out as Wall Street’s chief cheerleader for oil in calling for even higher crude prices before any real demand destruction could set in.
Other oil bulls also remained unperturbed by Friday’s selloff.
“Unless the economy goes into a total meltdown, those drops in prices should be opportunities to put on long-term bullish positions,” said Phil Flynn, analyst at Chicago’s Price Futures Group, who pointed out that the demand for oil during most recessions had not fallen by more than 2%.