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Expert: Treasury and speculators will limit the rise in oil prices
Shafaq News/ Oil expert Hamza Al-Jawahiri confirmed today, Thursday, that oil stocks and speculators will limit the rise in oil prices.
Al-Jawahiri said in an interview with Shafak News Agency; "The rise in oil prices will affect consumers because some countries cannot pay the oil bills," he expected, "and the countries of America, China and other countries will continue to pay quantities of their strategic oil reserves to curb the rise in oil prices."
He added, "The speculative traders who have large quantities of crude oil will take advantage of the high oil prices to sell what they have to make profits, and therefore there will be another supply of oil to global markets, which limits the price hike."
Al-Jawahiri favored it; "The prices will not rise above 90 dollars a barrel," noting that "the rise in oil prices to 100 dollars, as expected by some major financial authorities, there will be economic collapses, especially for some economically weak countries."
Al-Jawahiri pointed out that "the stability of the oil market is important to the consumer and also to the producers, because high prices may be immediate and may fall quickly, and therefore price stability is important and beneficial in the long run."
Oil prices rose this week to reach $90 a barrel, at a time when consuming countries are trying to stop the rise in prices at a time when the world is witnessing an openness in markets after a period of closures as a result of Corona.
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Al-Jawahiri said in an interview with Shafak News Agency; "The rise in oil prices will affect consumers because some countries cannot pay the oil bills," he expected, "and the countries of America, China and other countries will continue to pay quantities of their strategic oil reserves to curb the rise in oil prices."
He added, "The speculative traders who have large quantities of crude oil will take advantage of the high oil prices to sell what they have to make profits, and therefore there will be another supply of oil to global markets, which limits the price hike."
Al-Jawahiri favored it; "The prices will not rise above 90 dollars a barrel," noting that "the rise in oil prices to 100 dollars, as expected by some major financial authorities, there will be economic collapses, especially for some economically weak countries."
Al-Jawahiri pointed out that "the stability of the oil market is important to the consumer and also to the producers, because high prices may be immediate and may fall quickly, and therefore price stability is important and beneficial in the long run."
Oil prices rose this week to reach $90 a barrel, at a time when consuming countries are trying to stop the rise in prices at a time when the world is witnessing an openness in markets after a period of closures as a result of Corona.
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