ETFs To Buy/Avoid On Higher Oil Prices
Zacks Investment Research | Apr 22, 2019 10:15PM ET
Oil price surged to a nearly six-month high on the news that the White House has pledged to deepen its crackdown on Iran. The Trump administration vowed to end waivers that had previously allowed eight countries to purchase crude from Iran, bringing oil exports to zero. Crude oil price jumped to more than $65 per barrel for the first time since November 2018 while Brent crude climbed to $74 for the first time since early November.
The end of waiver has added to supply concerns that is driving oil prices. Falling output in Venezuela hit by Trump sanctions imposed earlier this year on PDVSA (the Latin American nation's state-owned oil company), unexpected losses in Libya due to violence, OPEC-led fresh crude output cuts, signs of slowing production growth in the United States and disruption in a key Nigerian pipeline are also bolstering the bullish sentiment (read: Zacks Investment Research
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