Investors Turn Most Bearish on Oil in Almost 10 Years, Goldman Finds

Geopolitical factors are helping push institutional investors close to their most bearish view on oil over the past 10 years as the global market stares down a glut, a survey by Goldman Sachs Group Inc. finds.

More than 59% of over 1,100 Goldman clients across asset classes are bearish or slightly bearish on crude, according to the survey released Thursday. That places sentiment just off record lows in a monthly dataset dating back to January 2016.