Crude oil held below $70, a key psychological level, on Tuesday.
The oil market bore the brunt of a major sell-off on Wall Street to begin the week with the spread of the Covid delta variant raising fears of a slowdown in the economic recovery. OPEC and its allies over the weekend also reached a deal to boost production.
In an interview with CNBC’s “Trading Nation,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, said he is long energy.
“Despite the volatility, I continue to like the sector, because I think this is just a hiccup,” he said on Monday. “Oil is definitely going to stay pretty much at these levels, perhaps even rise a little further as the economy…