real-time news and commentary for investors
Thursday, Aug 29
Talk of $150 oil is "scare-mongering," Commerzbank says
- $150 oil? That's "scare-mongering," Commerzbank commodity strategists say; black-swan risks appear no more likely than they did a week or a month ago, and the present situation does not warrant such a price.
- If the west launches a limited military strike vs. Syria, oil prices likely would fall as quickly as they rose, and optimism among speculators is now at its highest level, the firm says; looking at recent history, the toppling of Libya's Gaddafi in 2011 resulted in Brent prices falling quickly from $115 to $100/bbl.
- Worth noting: There’s still no certainty of military action against Syria, much less a broadening of the conflict, and a U.K. resolution authorizing force just went down in flames.
- ETFs: USO, UCO, OIL, BNO, DBO, OLO, USL, CRUD, DTO, SCO, SZO, DNO, UOIL, DOIL, UWTI, DWTI.