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In April, the price of crude oil traded on the stock exchanges at $ 90.50 per barrel. However, since the beginning of the year, black gold quotations have stabilized below $ 80 a barrel and have remained more or less at those levels.
But if Russia attacks Ukraine, all that could change. Veteran economist, a financial markets strategist, David Roche predicts that the conflict in Ukraine will immediately raise the price of oil, bringing it to $ 120 a barrel.
Speaking to CNBC, Roche said that Moscow’s moves towards the neighboring country have the potential to cause an earthquake in global markets.
“I think that if there is an invasion of Ukraine, and if sanctions are imposed that would prevent Russia from accessing foreign exchange mechanisms, messaging systems and things like that, or ban the export of goods and materials first, be it oil, gas or coal, I think we will get to the point where the price of oil will go to $ 120 a barrel“, He said.
Even if the impact on oil prices is not so great, Roche still warns of the tremendous economic consequences of this conflict.
He says many market participants are underestimating the real impact of a Russia-Ukraine crisis.
“I have the impression that many investors are treating Putin as background music, but they are wrong“, Was his comment.
On Sunday, White House Secretary of Homeland Security Jake Sullivan warned that the invasion of Ukraine could happen at any moment.
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