Oil prices could hit $80 by year's end: Analyst

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Oil (CL=F, BZ=F) prices are rising amid escalating Middle East tensions following Iran's missile strike on Israel Tuesday. Blue Line Futures President Bill Baruch joins Catalysts to analyze the situation and it's implications on the commodity.

Baruch points out that the oil market has experienced "almost record bearish positioning," which he views positively. "If everybody sold, who's left to sell?" he explains, suggesting this setup could fuel a sustained rally in oil prices. He forecasts oil could reach $80 per barrel before 2024 year-end.

Several tailwinds support the oil market's upward trajectory, according to Baruch. Recent Chinese economic stimulus measures, currently low inventory levels, and escalating Middle East tensions all contribute to the market dynamics. "There are a lot of factors playing into this market right now," Baruch emphasizes.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Angel Smith