Oil prices (CL=F, BZ=F) are staging a rebound following OPEC+’s announcement to extend production cuts into 2025. To provide insights into the outlook on oil prices, Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino joins Market Domination.
Iaccino acknowledges that the OPEC+ production cuts represent "the first sort of indication of more production." However, he notes that the demand picture appears "a little shaky." Despite the summer gas and travel season "getting off to a good start," Iaccino highlights concerning factors such as a jet fuel shortage in Japan and declining US rig numbers.
"We’ve been in a downward-sloping channel… since about April, let’s call it mid-April, and we haven’t broken out in either direction," Iaccino explains. "And the thing is, when you stay inside these channels, even if you continue to respect the upper and lower bounds of the channel, price heads lower."
#OIL #GAS #NEWS
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