GasBuddy Head of Petroleum Analysis Patrick De Haan joins Asking for a Trend to discuss Monday’s oil (CL=F, BZ=F) price rally. De Haan attributes the price surge to EU and American sanctions on dark vessels transporting Russian and Iranian crude, "coupled with a lot of short covering." However, despite the rally, he notes that "at the end of the day OPEC’s spare capacity still amounting to 5 million barrels a day," suggesting this increase may be temporary. While prices are climbing, De Haan doesn’t expect oil to break the $85-90 threshold though prices could be volatile depending on what President-elect Trump does when he gets into office. "I think ultimately as we get close to spring, look for Brent to start settling back down, especially closer to April." He also points out that gas prices continue to fall, which is "not normal" for this season, "but in the weeks ahead those tables could shift" as temperatures rise. Watch the video above to find out why De Haan says increased tariffs on Canadian oil could cause gas prices to rise for drivers in the Midwest.
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