Oil Strategist Streible Expects Price to Rise Over Next Few Months

Phil Strebel from CME discusses the current state of the crude oil market, highlighting the supply-demand structure and the impact of OPEC's export reductions. He notes the decline in gasoline inventories and its potential effect on retail prices. Strebel also explains the separate influence of the dollar on commodities, driven by the US-China trade agreement and interest rates, predicting a softening of prices and support for markets like gold and silver.

What are the two main factors contributing to the current strength in the crude oil market?

• Supply-demand structure and OPEC's reduction in exports

• Increased production and high demand

• High inventories and low demand

• Strong dollar and increased exports

What trend has been observed in gasoline inventories over the past 12 weeks?

• They have remained stable

• They have increased steadily

• They have declined continuously

• They have fluctuated unpredictably

How might the decline in gasoline inventories affect consumers in the near future?

• Gasoline prices will not be affected

• Gasoline prices are expected to increase

• Gasoline prices are expected to remain stable

• Gasoline prices are expected to decrease

How is the relationship between the dollar and oil prices described in the current market?

• They are completely separate

• They are closely linked

• Oil prices dictate the value of the dollar

• The dollar has a strong influence on oil prices

What economic factors are influencing the dollar's current behavior?

• US-China trade agreement and interest rates

• High inflation and unemployment rates

• Strong GDP growth and low inflation

• Increased government spending and tax cuts