Oil prices have fallen around 15 percent over the past month, and concerns about oversupply have rushed back. OPEC and the U.S. are both adding enormous volumes of fresh supply, threatening to create a bear market for crude. However, the souring market sentiment could perhaps outstrip what is justified. Goldman Sachs argues in a report that the loss of supply from Iran, combined with thin spare capacity and resilient oil demand will push prices back up. The investment bank reiterated its forecast for Brent to hit $80 per barrel by the end of the year. Part of the reason that oil traders have grown pessimistic on oil is that demand suddenly looks shaky. Specifically, demand in emerging markets appears weak, particularly as currencies have weakened against the dollar, which has magnified the price shock for consumers. However, Goldman Sachs says that when digging into the data, demand doesn’t seem […]