Ahead of next week’s OPEC meeting in Vienna, strategists are closely watching swings in crude oil prices, which are faltering after weeks of gains.
Despite political tensions involving oil superpower Saudi Arabia and OPEC’s promises to cut production, crudeprices could come down by year-end, one strategist says. Here’s why.
• “Tensions in Saudi Arabia are still flaring following the actions by Crown Prince Mohammed bin Salman,” Chantico Global CEO Gina Sanchez said Monday on CNBC’s “Trading Nation,” referring to a vast political shakeup in the kingdom earlier this month that initially boosted oil prices.
• It is unlikely, however, that this will be an “actual geopolitical event,” Sanchez said, and oil prices should continue settling.
• Sanchez set her year-end price target for crude oil at $52.60 per barrel, though she is expecting swings in volatility along the way, along with “occasional spikes” as regional tensions build.
more at: https://www.cnbc.com/2017/11/21/middle-east-tension-may-not-mean-what-you-think-for-crude-oil.html