Crude is now down 15 percent from the peak of $132 per barrel, it’s the biggest single day drop since April 2020. The reason is the possible progress by the United States in encouraging production from other sources whether it is Iraq or UAE. Reports said that Iraq could increase output if the Organization of the Petroleum Exporting Countries (OPEC) asks and UAE would also support increased production by the OPEC because of that a lot of companies are seeing a relief rally right now.
Sharing his thoughts on the same, Peter McGuire, CEO at XM Australia said, he wouldn’t be surprised to see it bounce back to the upside.
“The uncertainty in terms of the Russia-Ukraine conflict could push crude prices higher to $125-130 per barrel,” he said.
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According to him, it is going to be extremely volatile over the next couple of days. He is expecting volatile times ahead over the next two-three trading sessions.
For the full interview, watch the accompanying video.
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