Energy

Oil headed for $100 despite U.S. efforts to release reserves: Analyst

0


Oil prices could climb higher despite the U.S. and other major consumers releasing millions of barrels of oil from their reserves to try to keep energy prices down, one analyst told CNBC.

“It’s not going to work simply because the strategic petroleum reserve — any country’s strategic petroleum reserve is not there to try to manipulate price,” Stephen Schork, editor of the Schork Report, said Wednesday on CNBC’s “Squawk Box Asia.”

Strategic petroleum reserves exist only to offset short-term, unexpected supply disruptions, he explained.

“There’s a considerable amount of bets out there that we will see $100 a barrel oil,” Schork said, adding it could happen as early as the first quarter of…



Source cnbc.com

0 0 votes
Article Rating

Fed ready to raise interest rates if inflation continues to run high, minutes show

Previous article

Biden will have to be patient with inflation

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Energy