Oil prices continue to rise as global demand increases while production from OPEC+ decreases, with many bets placed that oil will reach $100 per barrel. In addition, bitcoin (BTC-USD) reached just over $28k, with some experts wondering if it’s headed towards a rally. Yahoo Finance Markets Reporter Ines Ferre joins the Live show to break down China’s oil demands and Congress’ letter to the SEC to approve a spot bitcoin ETF.
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Video Transcript
– Well oil prices hold steady over $90 a barrel to start the month amid widespread bets. That demand will continue to outpace supply. With the latest on this, we’ve got Yahoo Finance’s Ines Ferre. Hey, Ines.
INES FERRE: Hey, Brad. Yeah, and if you take a look at oil right now, you’re looking at West Texas Intermediate that’s above $91 a barrel. You’re also taking a look at Brent Crude that’s above $95 a barrel. And both Brent and WTI had a strong quarter last quarter, up of an average of 28%.
Now there is a new note, a recent note from Goldman Sachs saying that China is seeing us a strong demand, a robust rates of demand that basically surpassed predictions when it comes to oil, when it comes to copper for China. Oil demand is up 6% year over year according to Goldman economists. Also, remember that Goldman has predicted that oil will go to $100 per barrel in the next 12 months.
You do have more bearish calls, including city’s Ed Morse that recently put out a quarterly print. Basically saying that Brent is going to go down to the low 70s in 2024, saying that more oil is coming onto the market. So he’s expecting for oil to come down this quarter and even further next year, guys.
– Ines, I know you’re also keeping a close eye here on Bitcoin. On the move once again this morning, above 28,000. Lots of questions about whether or not this is a start of a rally here for Bitcoin. What do you think?
INES FERRE: Yeah. Right now, it’s up more than 4%. You can take a look on our Wi-Fi interactive year-to-date. It’s up 70%. So this $28,000 level, this is the highest since mid-August. So this is a six-week rally that we’re seeing. The next resistance level is expected to be about $30,000 per token.
Now you did have a bipartisan group of House Financial Services Committee members that sent a letter to the SEC. They want the SEC to approve spot Bitcoin exchange traded products listings. Also, want to note Coinbase. This is the a Bitcoin-related stock. Coinbase is up in pre-market. The exchange received a license in Singapore allowing it to expand its digital token services to Singapore. And I’m just trying to find it up here right now. So you can see in pre-market that it is up almost 5%. Singapore being a priority market for Coinbase, guys.
