# Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally | OilPrice.com

> Goldman Sachs attributes the July 2023 oil price rally mainly to China's demand recovery and expected stimulus, and says demand outside China is holding up better than feared. The bank reiterated a 12-month Brent target of $93 per barrel and upgraded its demand outlook, with Brent trading above $85.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35217-goldman-sachs-china-is-the-biggest-driver-of-the-oil-price-rally-oilprice-com
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger crude prices raise diesel and energy costs for feed milling and transport, and oil-linked biofuel economics can pull vegetable oil and corn demand. Expectations of an OPEC+-driven deficit point to continued upward pressure on energy input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-04-11 | [Strong Demand, Not OPEC, Is Pushing Oil Prices Higher \| OilPrice.com](https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com.md) | +1.1% | +5.2% |
| BRENT | 2025-01-27 | [Renewed inflation worries help drive oil price rally \| Reuters](https://feedsoft.ai/events/26662-renewed-inflation-worries-help-drive-oil-price-rally-reuters.md) | -2.1% | -5.0% |
| BRENT | 2023-01-10 | [OPEC pricing power limits downside risks to oil prices, Goldman says \| Financial Post](https://feedsoft.ai/events/37951-opec-pricing-power-limits-downside-risks-to-oil-prices-goldman-says-financial.md) | +6.9% | +2.8% |
| BRENT | 2016-12-05 | [The good oil on grain prices… - Grain Central](https://feedsoft.ai/events/73542-the-good-oil-on-grain-prices-grain-central.md) | -0.3% | +3.5% |
| BRENT | 2023-09-20 | [Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg](https://feedsoft.ai/events/34275-goldman-sachs-says-oil-s-going-back-to-100-as-opec-cuts-bloomberg.md) | -1.1% | -4.2% |
| WTI | 2018-04-11 | [Strong Demand, Not OPEC, Is Pushing Oil Prices Higher \| OilPrice.com](https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com.md) | +1.6% | +5.2% |
| WTI | 2026-10-20 | [Canadian dollar outlook: oil prices and Fed signals drive the loonie By Investing.com](https://feedsoft.ai/events/17267-canadian-dollar-outlook-oil-prices-and-fed-signals-drive-the-loonie-by.md) | -0.2% | — |
| WTI | 2025-01-27 | [Renewed inflation worries help drive oil price rally \| Reuters](https://feedsoft.ai/events/26662-renewed-inflation-worries-help-drive-oil-price-rally-reuters.md) | -2.8% | -5.2% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Oil-Prices/Goldman-Sachs-China-Is-The-Biggest-Driver-Of-The-Oil-Price-Rally.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.