Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Crude oil is on pace to finish 2016 near a multi-year high, which marks a reversal from 2015 when the commodity ended the year lower by more 30 percent.
The reason for oil's strength can be directly attributed to an agreement made by OPEC and non-OPEC members to cut production - the first agreement of its kind in eight years.
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Clearview Energy Partners' Managing Director Kevin Book was a guest on CNBC Friday and offered his less-than-optimistic take on the agreement and why investors shouldn't assume the agreement will play out as planned.
According to Book, it's "inevitable that somebody is going to cheat." In addition, the analyst stated the oil market has been waiting a very long time for OPEC to team up with Russia and not only agree on actions to support oil prices but to follow through.
"We have been waiting to see this come true for decades," Book said. "Is this going to be the time? Probably not this time."
Moving on, Book stated that OPEC has a track record of "blowing past" its output targets and suggested that it may continue doing so when the supply reduction agreement officially kicks in.
Finally, Book stated that even with the agreed upon cuts, the oil market remains long in inventories and it will take a much larger supply cut to boost the price of oil notably higher.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.