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O’Hare: WTI prices spike as tensions increase
Geopolitical tensions are driving prices in the WTI crude oil market, as buyers fear a restriction in export quantities. Steve O’Hare from First 4 Trading has been analyzing the impact of political actions from the US and Russia on the market, and expects price to rise. WTI crude oil has exhibited a bullish run since January and the recent crisis in Ukraine has pushed even prices higher. Over the past week, prices spiked to USD 105 as the media’s outlook worsened. News surrounding Ukraine has forced buyers to enter into the market and engage in panic buying. With prices estimated to increase, Steve is looking to buy at current levels around USD 101. He has indicated a stop at USD 99, while his targets are set at USD 105 and USD 108.50.
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