(Bloomberg) -- Oil climbed the most in over a week during a volatile summer session as investors continue to weigh US-Iran nuclear deal talks and the potential hit to demand from an economic slowdown. Most Read from BloombergFBI Raid Focused on Material Trump Brought from White HouseChina Seizes on Pelosi Visit to Set ‘New Normal’ for TaiwanSan Francisco ‘Froth is Gone’ as Wealth Fades, Housing SlumpsS&P 500 Finishes Lower After Wiping Out 1% Rally: Markets WrapWest Texas Intermediate futures to
The market will remain in unsustainable deficits at current prices and balancing it will still require "demand destruction on top of the ongoing economic slowdown," the investment bank said in a note dated Aug. 7. Goldman said a divergence between benchmark Brent prices, which averaged $110 a barrel in June and July, and the corresponding Brent-equivalent global retail fuel price of $160 per barrel was not enough to trigger enough demand destruction to end the supply deficit.
Mexican "unicorn" Clara, a startup with a valuation over $1 billion that offers corporate credit cards and expense management resources, said on Monday it has secured $150 million in debt financing from Goldman Sachs. The funds will be used to flesh out Clara's technological infrastructure and on increasingly larger credit lines for clients, Clara's chief executive officer, Gerry Giacoman, told Reuters. "Every day bigger and bigger companies are working with us, including some of the largest corporations operating in Latin America," Giacoman said, noting Spanish bank Sabadell, Mexican hotel chain RLH Properties and airline Volaris were clients.