Oil prices (BZ=F, CL=F) move a notch higher Monday ahead of the July Fourth weekend and the broader summer driving season. Could geopolitical tensions in the Middle East and seasonal factors push crude oil even higher?
Lipow Oil Associates President Andy Lipow communicates oil market concerns around potential escalations in these Middle East conflicts and how OPEC+ can continue to constrain supply.
"It’s easy to see that OPEC+ has surprised the market before, they could do it once again. If crude oil prices were to remain in the $80 per barrel range, they could extend those voluntary production cuts through the end of the year," Lipow tells The Morning Brief. "But the initial announcement from OPEC+ was reacted [to]quite bearishly with the oil market as they saw more supply coming on to the market sooner than expected."
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