Will Biden be able to stop the Oil boom?
Russia's problems are the main factor driving oil prices higher. The many attacks on key oil infrastructure are affecting the exports of the Russian Federation. Despite the sanctions, Russia remains the world's main exporter of oil, either directly or through intermediary countries.
On the other hand, the upcoming elections in the United States are the reason why oil did not jump too much on the stock market.
The price of oil in the United States affects all commodities, and the price of fuel is one of the key factors in winning the upcoming election.
Therefore, Biden and his administration will do everything possible to keep oil prices stable until at least November of this year.
Any spikes in the price of oil will be short-lived, as a deviation above $90 will negatively affect the campaign for the most important election in the United States.
The bad news for Biden, however, is that the levers to control the price of oil are now outside the United States, even outside its allies. And this could lead to an easy jump in the price of oil to $90 and above $90 levels in the next few months according to world-signals.com analysis.
Reprinted from FXStreet，the copyright all reserved by the original author.
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