Experts warn of potential risks in the oil market as global uncertainty looms.
Category
🥇
SportsTranscript
00:00Crude oil has had a nice little rally, obviously, in the last week or two.
00:03And a lot of that is based on the idea of potential sanctions on Russia, maybe even Iran.
00:10And so that would pull some barrels off the market.
00:12But the reality is, in the big picture, we are very well supplied.
00:16So if those sanctions don't come into play or those entities find ways to get around them,
00:21which has kind of been the MO for those types of things,
00:24the crude oil price should continue to make lower highs, lower lows.
00:31We've seen basically since the March, I think it was 2022 high, crude oil rallied to 125, 130.
00:39Since then, we've basically been seeing every rally get sold into.
00:42And I think that's going to continue.
00:44So again, we don't know what's going to happen on the political front,
00:47but this is a really good time to mind your risk on the downside in oil.
00:51Because if the support breaks, we've been holding the 65 for two or three years.
00:56If that level breaks, there's really nothing stopping it until we get into the low 50s.
01:00So we're focused on the downside risk in crude oil.