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Video: Phil Streible, chief market strategist of Blue Line Futures, discusses the impact of a Russian invasion of Ukraine on oil and other key "strategic" commodities with David Lin, anchor for Kitco News.
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Russia is a key supplier of not just oil but several strategic commodities, all of which should benefit from heightened geopolitical tensions in Eastern Europe, said Phil Streible, chief market strategist of Blue Line Futures.
Streible’s comments come as The White House on Tuesday called Russia’s latest advances “the beginning of an invasion.”
Russian President Vladimir Putin announced that he recognizes the territorial claims of two self-declared separatist republics in eastern Ukraine and has deployed troops to those regions.
The U.S. and the U.K. have moved ahead with sanctions; U.S. President Joe Biden announced Tuesday that the first wave of sanctions will target Russian banks and sovereign debt. Biden vowed tougher punishments if Russia continues its aggression.
“What [the Russians] would do is they would divert their oil. Instead of selling it into the current export structure that they have, they could easily make agreements with other countries to buy that oil, like China. Also, they can take off some of that oil, they can hold back. There’s no reason for them necessarily to sell, they have too many other key commodities that prices can drive up on,” Streible told David Lin, anchor for Kitco News. Read More
Source: Kitco News
Disclaimer: This article and video are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
