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What Can We Expect for Oil?

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  • Description

    RJO Futures Phillip Streible weighs in on how the recent headlines will affect the price of crude oil.

  • Duration 2:00
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Jobs report now the dollar is strong today might accept expect to see a bigger drop in oil better than expected jobs report snow it's cold up here.

And then and Hugo Chavez dies what to make of it all film.

Well would it.

-- regards -- -- jobs report the initial reaction we thought crude oil would have.

Come up at least the great deal gone up to 92 -- 93 just on that optimism but the reality is is yes the dollar is strengthening quite a bit.

And -- these jobs coming back in line.

How those jobs pumping out more crude oil adding to the supply glut that the US already has.

Over the US is facing a significant oil boom right now in production we're producing about seven point one million barrels per day.

Our inventories are about 381 million.

So we've got quite a bit of oil also some news coming out on the North Sea pipeline -- it out that it targeted rate for Brent crude spears seemed Brent crude prices at the lowest level since 113.

Should they be lower than they are today about -- should they be lower than where we CM.

Based on the supply numbers.

I think crude oil prices are gonna drop below the ninety level now you mentioned you go -- is death earlier and I think that the new.

Political stance Donna Venezuela is that they want to pump output I don't oil.

And as much as they possibly can't right now because what they can do is they can use that money that the reason.

-- -- -- -- -- -- -- -- It's hard to boost their economy a little bit had people feeling good and they're taking an eye on next step and interaction down there so I think that an oil supply glut is gonna continue also remembered that.

Imports from Nigeria are also at a five year low so the US is oil independence is starting to grow.

We love to hear that but again that oil well and Venezuela where Chavez's power came from.

Thank you so much -- those great.

It's great to see you has always take -- yourself let's just take a look at your markets right now and see what they're doing because again we're on track for a fourth.

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