Goldman Sachs contradicts Trump: $50 oil is bad for the US, commodity chief warns
$50 oil is bad for the U.S. because it hurts American drillers and threatens to create problems in the credit market, Goldman Sachs’ Jeff Currie warns.
President Donald Trump has been cheering oil’s plunge into a bear market and urging Saudi Arabia to drive the cost of crude even lower.
Currie thinks Saudi Arabia and Russia will prevail in convincing Trump that price-boosting production cuts are necessary at this week’s G-20 meeting.
