As Saudi Arabia’s oil supplies are expected to increase, China’s economic stimulus measures are likely to be eclipsed, and U.S. crude oil is headed for its first weekly loss in three weeks.
While the worldwide benchmark Brent has declined by over 4%, the U.S. benchmark West Texas Intermediate has dropped by almost 6% this week. With Israel and Hezbollah trading blows in Lebanon, prices have decreased despite the escalating Middle East turmoil.
“Squawk Box” on Friday that “war doesn’t affect the price, and that’s because there hasn’t been any disruption.”
Source (CNBC)