Anthony Grisanti Is Bullish On Crude Oil

Speaking on

, Anthony Grisanti said that this price level might be the bottom for crude oil. He explained that the geopolitical unrest has the most important influence on the market right now. The news about an explosion in Baghdad pushed crude oil $0.40 higher and if the situation with Russia escalates the U.S. exporting policy could change and the U.S. could be the one supplying the oil to Europe. He added that the demand for gasoline and diesel was pretty strong this summer and it looks like that is not going to change. Mr. Grisanti is looking for a move to $98.90 and he would place a stop loss at $95.70. At the time he recommended this trade, crude oil traded at $96.80. Brian Stutland agrees that the geopolitical issues could cause some upside in crude oil, but he thinks that the supply is coming and he would enter the market at $95.70. In his opinion, for crude oil to go higher, the U.S. consumers need to increase their demand.