Oil prices (BZ=F, CL=F) break out of their three-day losing streak Wednesday morning due to falling US crude supply.
Truist Securities energy research managing director Neal Dingmann joins Morning Brief to discuss the movements in oil prices and what they could look edging closer to the presidential election in November.
“At least for the remainder of this year, we see prices remaining around this level, the $80 level. I think what’s caused, by the way, the last selloff is just a little bit of abatement of the geopolitical uncertainty. But when you look up in the election and especially when you know, again, let’s assume… former President Trump would take office in January… I think you would have immediately much less energy restrictions,” says Dingmann.
He continues with: “And the reverse if, Kamala Harris is elected and the Democrats stay in office and a lot of energy restrictions are maintained, I think you have an angst that production will potentially even fall from from current levels as sustainable… and as a result, I think that could cause prices to go up even over $90 a barrel.”
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