Oil prices (CL=F, BZ=F) continue their upward trajectory, with Brent Crude surpassing $86 per barrel. R.J. O'Brien Managing Director Tom Fitzpatrick joins...
) continue their upward trajectory, with Brent Crude surpassing $86 per barrel. R.J. O'Brien Managing Director Tom Fitzpatrick joins Yahoo Finance Live to discuss the ongoing rally in oil prices.
Fitzpatrick notes that oil should not only be viewed as an"industrial commodity" but also as"a financial asset." The strategist emphasizes that oil prices do not solely trade based on supply and demand dynamics: the rally's movements have been"very technical" in nature. Addressing the geopolitical tensions driving oil prices higher, Fitzpatrick believes the price moves highlight"what we are susceptible to." He notes that the way price action is already trading, another significant event could"accelerate to the topside." However, current events do not"rise to the significance" of 2022's oil disruption amid the Russia-Ukraine War, Fitzpatrick says.
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