Opinion: $60 Oil after OPEC Meeting is Not Possible

It’s not possible for oil to fall to $60 a barrel after OPEC meets this week to discuss output policy, Jeff Grossman, president of BRG Brokerage, told CNBC on Monday.

While the chance of a big price cut is small, he said, the cartel will likely announce that it has discussed reducing production in order to stem the tide of lower prices and put a bottom on the market.

“Even with some serious tempering of weather, the market could possibly go to maybe $72 in the next four to six weeks,” Grossman told “Power Lunch.” “The most optimistic bear would have to be in agreement with that.”

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.