Edward Morse, the global head of commodities research at Citi Group, gave a bullish outlook for global oil markets Sunday, saying that current inventories were at a"constructive" level.
One variable is whether the President Donald Trump administration will extend sanctions waivers on eight countries importing Iranian oil and he has until May 2 to decide. Morse believes that the focus for the U.S. will be sanctions and Venezuela and this would likely see"kinder" actions on those importing Iranian oil.
"There may be a Trump ceiling of $70 or close to it but so far as the fundamentals are concerned, if nobody touches anything, the second half of this year will be $75, $80," he told CNBC's Dan Murphy.
Source: Financial Digest (financialdigest.net)
Not if elonmusk has anything to do about it. Go Tesla! 🤘😀
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