One could logically argue that crude oil prices should be heading toward $100 a barrel given the bullish factors in global oil markets. Why prices have stayed low is something of a mystery that cannot be explained by President Trump’s Twitter habits alone.
Amid the ongoing fears of an escalating trade war between China and the United States, the Energy Information Administration countered the price decline potential of the China factor by reporting a crude oil inventory draw of 0.3 million barrels for the week to May 24.
Forget the trade war and global growth pessimism. Citigroup is sticking to its target of Brent oil rising to $78 a barrel in three months.
Who needs a trade deal when the U.S. economy can maintain its current growth rate? It’s a question that investors weren’t asking in May when the volatility stricken month sent the capital markets in a daze, but Larry Kudlow, director of the National Economic Council, thinks this is no…