Crude oil volatility only a ‘hiccup,’ says BK Asset’s Boris Schlossberg
Crude oil held beneath $70, a key psychological stage, on Tuesday.
The oil market bore the brunt of a serious sell-off on Wall Road to start the week with the unfold of the Covid delta variant elevating fears of a slowdown within the financial restoration. OPEC and its allies over the weekend additionally reached a deal to spice up manufacturing.
In an interview with CNBC’s “Trading Nation,” Boris Schlossberg, managing director of FX technique at BK Asset Administration, stated he’s lengthy vitality.
“Regardless of the volatility, I proceed to love the sector, as a result of I believe that is only a hiccup,” he stated on Monday. “Oil is certainly going to remain just about at these ranges, even perhaps rise slightly additional because the financial system begins to enhance.”
Schlossberg has his eyes set on Halliburton, which reported earnings earlier than Tuesday’s opening bell.
“That is my favourite commerce within the sector proper now,” he stated, pointing to the corporate’s publicity to the North American market and the sturdy margins from its fracking…