Spike to occur regardless of OPEC or Russia, strategist says
May 28, 2018
OPEC kingpin Saudi Arabia is determined to keep oil prices trading around current levels, one strategist told CNBC Monday, but a total shutdown in Venezuelan production could soon prompt crude futures to skyrocket toward $100 a barrel.
Prices in the oil market have been steadily rising since last year, with global benchmark Brent climbing to multi-year highs of $80 a barrel earlier this month. An upswing in crude futures has largely been driven by OPEC-led production cuts and robust global demand.
However, more recently, crude futures have slipped amid renewed fears of an oversupplied energy market.
This article was posted: Sunday, May 27, 2018 at 12:38 pm