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Phil Streible, RJO Futures senior commodities broker, weighs in on the Israeli military and Hamas trading air strikes in the Middle East, and how this...
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Between Israel and the Gaza Strip that Arthur Ellis is talking about.
The markets -- -- -- this story in particular.
As we get new developments and that includes bill stable of RJ futures.
There was some talk about bill there is a story out that.
There were some comments made of coming out of a rock that pitted Arab nations needed to band together somehow -- use oil as a weapon in fighting all -- Is that much ado about nothing.
Well I mean that that's something that's gonna be underlying in -- gonna see that type of you don't talk probably continue because it seems like that is -- mean.
You'll source of revenue that is their main driver is oil so they want to use that against anyone that they can't as a as a power play.
Now the problem with oil right now is that you've got a lot of you don't underlying themes that are -- -- pressure on the price the fiscal cliff the European debt concerns the supply issue is the biggest glut that we have now are.
If we were one year ago today.
You know we only had about the over three -- -- 31 million barrels in supply vs 375 right now.
You would see oil price is moving aggressively higher on this Middle East tensions and especially if it continues to ask -- -- we could see prices even go from here.
How much -- you see prices potentially fall what would be the driving factor of oil could.
Had lower -- would -- -- just a weaker economy globally.
And yet it it.
It is good the weaker economy it is though don't -- supplied its keeping.
-- all of the lid on the prices were probably gonna move back down to.
The 78 to eighty dollar range but I'm telling you -- if we see this violence escalated.
Oil prices are gonna forget about the supply demand fundamentals and work on the geopolitical risk -- we should see an aggressive move up the ninety's so.
Really could go either way -- just how does this story -- Israel pan out.
Felt great to see thank you so much have a terrific weekend policies until straight on or -- --
