Concerns about oil and other commodities have been "oversold," and even those most exposed to the risks of a U.S.-China trade war are worth buying, Goldman Sachs said in a Wednesday research note.
In June, some commodities saw traders concerned about demand weakness in emerging markets, trade war rumblings, and oil producers' decision to increase production, the bank noted. The most headline-grabbing of those fears was about the tariff threats traded between President Donald Trump's administration and its international trading partners.
The White House is set to levy a 25 percent tariff on $34 billion in Chinese goods, while the Chinese government has said it would retaliate on the same value of U.S. goods. both countries are set to institute those penalties on July 6.