Oil To $300? Economist Peter Schiff Says Central Bank Excesses Could Trigger A Bull Run That 'Won't End'
Portfolio Pulse from Shanthi Rexaline
Economist Peter Schiff predicts a historic rise in oil prices, potentially reaching $300 per barrel, due to central bank excesses and continued production cuts by some OPEC+ members. This rise could fuel inflation and complicate central banks' efforts to balance slowing economies, high inflation, and the impact of rate hikes. However, ING's commodity analyst expects oil prices to return to slightly above $90 a barrel due to weaker demand and political pressure to increase supply. The United States Oil Fund, LP (NYSE:USO) ended Wednesday’s session up 2.50% at $82.90.
September 28, 2023 | 5:56 am
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NEUTRAL IMPACT
The United States Oil Fund, LP (NYSE:USO) could be impacted by the predicted rise in oil prices. However, ING's commodity analyst expects oil prices to return to slightly above $90 a barrel, which could stabilize the fund's performance.
The United States Oil Fund, LP (NYSE:USO) tracks the price of oil, and therefore its performance is directly tied to oil prices. While the prediction of a historic rise in oil prices could initially boost the fund, the expectation that prices will return to slightly above $90 a barrel could stabilize the fund's performance in the short term.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100