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David McNew / Getty Images News via Getty Images The benchmark Oil indices of Brent Crude and West Texas Intermediate were set to soar over $100 just a few weeks ago. Massive Saudi and OPEC+ production cuts, U.S producers halting drilling in some regions, and then the perfect storm: a Hamas attack on Israel, which started yet another war in the oil-rich Middle East. Did Oil explode to $100 and higher? Hardly, demand concerns and a weakening Chinese economic future started the selling. Add in Russian exports increasing in addition to rising inventories and short-sellers pounding the stock on demand concerns, and you have just a few of the issues that have sent oil prices for both of the significant benchmarks back to levels last seen in July. So what happens now? The Saudi Arabian government and OPEC+ have zero interest in oil staying at current levels, and there are a few scenarios that could play out for those looking to grab energy stocks now, with some at their lowest levels in almost four months. The Saudi Arabian government and OPEC+ will continue their production cuts deep into 2024 and cut production even more. The Middle East war gets […]
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