Global tensions have impacted crude oil (BZ=F ,CL=F) prices, with investors closely watching how further geopolitical developments might affect the market. Path Trading Partners Bob Iaccino joins Morning Brief to share his outlook on the energy market.
Iaccino points out that there has been “reduced demand” in commodities, attributing this largely to “China’s weakness.” He notes that an upcoming OPEC+ meeting will reassess production cuts and their effectiveness, noting that he thinks it’s possible there could be “an August surprise in terms of more production cuts.”
“I would remind people, if you believe that the economy is not slowing as much as some people think at this point, then you’re a believer in the reflation narrative,” Iaccino told Yahoo Finance. He adds: “And one of the best performing sectors over the long-term during reflation narratives… that would be energy.”
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