[video] Quick Take: Iran's Obama Snub Won't Affect Oil
NEW YORK (TheStreet) -- The Iranian leader snubbed President Obama at a recent United Nations meeting in New York, but Jeffrey Grossman, president of BRG Brokerage, told TheStreet's Joe Deaux that it shouldn't have any effect on oil prices.
More Libyan oil supply is now entering the market, which is bearish for crude oil prices, Grossman said.
He added that unless there is a major altercation in the Middle East, crude oil will likely continue to head lower based on supply and demand.
Tuesday's American Petroleum Institute report was fairly neutral, although the oil market actually reacted rather favorably to it.However, Grossman argued that the rally was more technically driven than anything else. He said that if Wednesday's inventory numbers confirm Tuesday's report, we'll likely see crude oil head lower towards $100. But, if the inventory report is bullish, $105 is a likely upside target for crude oil prices. Grossman concluded that oil likely will work its way down to the mid-$90 level by year's end, in the absence of any large, market-moving event. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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