Oil prices to climb higher | Sunday Observer

Oil prices to climb higher

28 November, 2021

Oil prices could climb higher despite the US and other major consumers releasing millions of barrels of oil from their reserves to try to keep energy prices down, one analyst told CNBC.

“It’s not going to work simply because the strategic petroleum reserve — any country’s strategic petroleum reserve is not there to try to manipulate price,” Stephen Schork, editor of the Schork Report, said Wednesday on CNBC’s “Squawk Box Asia.”

Strategic petroleum reserves exist only to offset short-term, unexpected supply disruptions, he explained.

“There’s a considerable amount of bets out there that we will see $100 a barrel oil,” Schork said, adding it could happen as early as the first quarter of next year, especially if there is a cold winter in the Northern Hemisphere. - CNBC