Crude Oil Nov 23 (CL=F)
- Yahoo Finance Video
Energy sector has potential for Q4 2023: Strategist
The Federal Reserve's primary tool to gauge inflation core PCE indicated cooling inflation in the month of August. Investors are paying close attention to how the market is digesting the economic data today, looking to the energy sector in particular. LPL Financial Chief Technical Strategist Adam Turnquist joins Yahoo Finance to break down the energy sector's performance and how it ties back to August's PCE index. Turnquist attributes energy's overall performance — outperforming the S&P 500 (^GSPC) in recent months — to why his company upgraded the sector: "It trades relatively cheap to the market, so if you're looking for some value it has a dividend yield." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
- Yahoo Finance Video
Could oil realistically reach $100 a barrel?
Oil prices (CL=F, BZ=F) have surged to their highest levels in over a year, with analysts suggesting the potential for oil to reach $100 per barrel is coming soon. This price action follows extensive production cuts from both Saudi Arabia and Russia, occurring in lockstep with the U.S. presidential election coming in 2024. The Energy Word Founder Dan Dicker remains skeptical of oil's proposed heights, citing "technical headwinds" in the energy market. Dicker believes the market is overbought and due for a period of trading that will prevent oil from reaching that $100-per-barrel mark. "Fundamentally, oil is as strong as it was when I spoke to you in the height of the summertime when oil was $68 a barrel," Dicker tells Yahoo Finance, adding: "But now that it's approaching $92, $93, $94, it seems to be way ahead of itself in terms of the cycle and where it's supposed to be. I do see $100 oil coming, but it's way ahead of itself." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
- Business Insider
Russia and Saudi Arabia have likely made close to $3 billion this quarter as OPEC+ production cuts push oil toward $100 a barrel
Saudi Arabia has likely pulled in an extra $30 million a day in oil revenue, or about $2.6 billion over the past quarter.
