Goldman Sachs remains bullish on oil, even as crude plunges from its 2022 high to $100 a barrel.

Strategists shared a $140 a barrel price target for Brent crude and a $137 a barrel target for WTI crude in a recent research note.

Recession risks have terrified commodities investors this year, with fears growing that an economic downturn might cause demand to diminish.

But Goldman Sachs said that a collapse in demand for crude is unlikely.

"A mild recession is not a risk for commodities," they said. "The ongoing downturn in global economic growth… poses little threat to commodities demand and, given the inherent structural supply constraints, should not stand in the way of further physical goods inflation."

Several investors have predicted that demand for crude oil will remain strong, particularly as China eases Covid-19 restrictions.

"As China starts to reopen we'll see higher energy prices, unfortunately," Laffer Tengler chief executive Nancy Tengler told CNBC earlier this week.

Oil prices soared past $125 a barrel in March after Russia invaded Ukraine. But they've shed 15% over the past month - with the asset class briefly entering a bear market Wednesday.

Brent crude traded at $104.60 a barrel as of 7.10 AM ET Friday, while WTI crude was priced at $102.47 a barrel.