Oil Hits A Fresh 6-Month High: Now What?
Oil prices moved higher by more than 2 percent Monday as investors and traders reacted to reports that supply disruptions in Canada and Nigeria helped push oil production below consumption levels for the first time in two years.
Meanwhile, analysts at Goldman Sachs who developed a reputation as being a long-term oil bear shifted gears on Monday and turned more positive on the oil market.
So, how do commodity investors and market participants proceed from here?
According to RJO Futures' Phillip Streible, the supply disruptions that contributed to higher oil prices will eventually come back online.
Speaking as a guest during Monday's edition of "Bloomberg
Looking forward to Wednesday's EIA weekly petroleum status report, Streible suggested that a 3 million barrel draw, or a large inventory draw in gasoline, could also contribute to pushing oil prices higher.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.