Goldman traders gain $1 billion in commodities revenue after oil slump: Bloomberg

Goldman traders gain $1 billion in commodities revenue after oil slump: Bloomberg

(Reuters) - Goldman Sachs Group Inc commodities unit generated more than $1 billion in revenue this year through May as traders positioned their bets for the collapse in oil prices, Bloomberg reported on Wednesday.. Most of the boost came from oil trading overseen by Singapore-based partner Qin Xiao and Anthony Dewell in London, amid the collapse in oil prices, Bloomberg reported citing people with knowledge of the matter.. Oil prices plunged to their lowest in years in a dramatic sell-off at the start of March, with U.S. crude futures at one point priced deep in negative territory as panicked traders bailed out of positions upon realizing that many would be forced to take physical delivery of oil without a place to put the barrels..