[video] Quick Take: Crude Gushes on Syria Concerns
NEW YORK (TheStreet) -- As concerns over military intervention in Syria rise, so do oil prices. Jeffrey Grossman, president of BRG Brokerage, tells TheStreet's Joe Deaux what he expects.
WTI crude has popped higher by $2 a barrel on news that the U.S. military may intervene in Syria. Grossman said the price spike in crude oil is almost always to the upside in situations like this.
Market participants get skittish on the possibilities of what could happen, such a cutoff in supply. He was quick to dismiss this as likely.
Grossman went on to say that oil supply and delivery stayed very consistent during the Egyptian civil war, and that Syria isn't a very oil-intensive region.Even with a military strike by the United States, he said, he wouldn't expect crude to move much higher and is surprised it's even as high as it is now. Prices of crude are already too high, he observed. Grossman concluded that when all is said and done, military action would likely have little to do with the supply and delivery of oil, and prices will come back down. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV