Schneider Analyst Matt Smith Explains The Unpredictable Oil Game

Matt Smith, a commodity analyst for Schneider Electric Global Research & Analytics, went over why

might spike despite barrel stockpile surpluses on CNBC's Squawk Box Tuesday morning. "A lot of people are thinking that prices could move lower form here. I think we could well see prices bounce, especially even just yesterday we've heard from Mend, ah, the militant group in Nigeria, and so they could bring supplies offline in terms of sabotage. So there's always these pockets of geopolitical tension everywhere," said Smith. According to Smith, the United States government shutdown impacted oil prices due to the delayed Energy Information Administration reports, saying that analysts like himself weren't getting the data they needed. "Really, we were just flying blind, and so the impact of that data is now going to- was seen yesterday and it will be seen again tomorrow as well," said Smith.

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With prices having already dropped considerably during the last few weeks, Smith believes that they'll hover at about where they are for the next few weeks or so.