OPEC’s Latest Move Shows It’s ‘Drawing a Line in the Sand’ on Falling Oil Prices


Given the demand concerns, “the only way to firm and stabilize oil is with cuts to production,” says Marc Bruner, CEO of natural-resource firm Fortem Resources. “There is no other way.” OPEC and its allies, he adds, are “drawing a line in the sand for $50 oil so they can stabilize oil prices until demand picks up.”

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Middle East tensions lift oil, but weaker demand prospects push prices lower for the week


“Basically, Iran is seeking to poke the bear just short of war,” pressuring the Trump administration to ease sanctions, Marc Bruner, chief executive officer of natural-resources company Fortem Resources, told MarketWatch. “There’s no doubt this will be a nasty situation for months to come.”
“There will be instability in the Middle East until after the [U.S. presidential] election,” he said. “This will be reflected in the jittery oil markets. Till then, we’ll see a trend towards the upside, probably around a 10%-15% premium for oil.”

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