Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas.
Nick Oxford | Reuters
A panic-induced sell-off in the oil market triggered by virus concerns has thrown the commodity’s upward march into question — but energy experts at Goldman Sachs don’t appear to be rattled.
Fears over the surging delta coronavirus variant and a fresh supply boost agreement from OPEC+ sent oil prices tumbling down more than 7% as the trading week opened Monday.
The drop was the steepest since March, a rude awakening for oil bulls who’d been enjoying the commodities’ highest prices in 2½ years.
International benchmark Brent crude was trading at $68.42 a barrel at 2:15 p.m. in London on…