Oil (CL=F, BZ=F) prices are rising for the fifth consecutive trading day on the fear that escalating conflict in the Middle East could impact oil supplies...
) prices are rising for the fifth consecutive trading day on the fear that escalating conflict in the Middle East could impact oil supplies . Lipow Oil Associates President Andy Lipow joins Catalysts to discuss the movement and the commodity's outlook as tensions rise in the Middle East.
So when you take a look at the conflict that has played out in the Middle East since last October, we haven't yet seen any disruption to supplies.Well, I think it is at risk of changing, although the probability of it happening is probably still pretty small. Well, if we were to see the strait of Hormuz shut where about 20% of the world's oil supply transits, you certainly could see oil prices rise 30 or $40 per barrel.I think that Brent prices which are currently $80 a barrel will drift on up to 85 to $90 a barrel as these lower prices are really going to force OPEC plus hand to delay the restoration of their production cuts, which they had announced earlier this year.
Well, it's interesting and the, the other thing that comes to mind when I look at oil from a geopolitical perspective, it's not just, you know, geopolitical tensions and, and uh foreign policy issues, it's also currency volatility which certainly drove a lot of the market movements over the past couple of weeks here.Well, we certainly see that as the US dollar strengthen, that tends to put pressure on oil prices.
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