Reported 7 months ago
Oil prices (CL=F, BZ=F) are rebounding following OPEC+'s decision to extend production cuts into 2025. However, Path Trading Partners Co-Founder Bob Iaccino notes concerns about a 'shaky' demand outlook amid factors like a jet fuel shortage in Japan and declining US rig numbers. Despite a promising start to the summer gas and travel season, Iaccino highlights the challenge of breaking out of a downward channel since mid-April, suggesting that even if respecting upper and lower bounds, prices could still head lower. For more insights, watch the full episode of Market Domination featuring Iaccino.
Source: YAHOO