Geopolitical events are having minimal impact on the market due to the oversupply of Oil, urged Gaurav Sharma, Oil Analyst for Sharecast and Digital Look, when he joined Nick Batsford on the Tip TV Finance Show.
Sharma noted that all oil prices are going sideways at the moment, with OPEC having been discounting for the last 3 months. He continued that he is reasonably certain that there will be no action following the OPEC meeting on Friday. Sharma also commented on the infraction on the Turkey-Syrian border, which only had a small impact on the oil market. He concluded that unless the macro-economic outlook changes, we won’t see $20, and a more likely end of year figure for Brent is around the low $50 level.
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