Goldman, one of the most active banks in commodities, said that after a very weak first half prices should recover to $65 per barrel for WTI and $70 for Brent.

"This suggests a strong recovery from current prices, but the timing is uncertain and we would wait for signs of stabilisation (less inventory build and better roll yields) before shifting to a more positive stance on commodities," Goldman said in a note.

(Reporting by Dmitry Zhdannikov; editing by Jason Neely)