Jim Cramer On Oil Going Higher Amid Wagner Mutiny In Russia: 'Just Be Another Headfake'
Portfolio Pulse from Bhavik Nair
Oil prices rose amid geopolitical concerns surrounding Russia and potential supply disruptions. Jim Cramer advised against betting on oil prices going much higher, citing Russia's transactional friendships with China and India. Oil prices were also held back by concerns of extended rate hikes by central banks and fears of a subsequent recession.
June 27, 2023 | 4:20 am
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The United States Brent Oil Fund LP (BNO) closed 0.56% higher on Monday amid rising oil prices due to geopolitical concerns surrounding Russia.
BNO's price increased due to the rise in oil prices caused by geopolitical concerns surrounding Russia. However, Jim Cramer's advice against betting on higher oil prices and concerns of extended rate hikes by central banks may limit further gains.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
The Vanguard Energy Index Fund ETF (VDE) gained 1.65% on Monday as oil prices rose due to geopolitical concerns surrounding Russia.
VDE's price increased due to the rise in oil prices caused by geopolitical concerns surrounding Russia. However, Jim Cramer's advice against betting on higher oil prices and concerns of extended rate hikes by central banks may limit further gains.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80