Commenting on the volatility in the oil markets, as reported in MarketWatch, Mihir Kapadia, CEO of Sun Global Investments said:
“Oil prices have climbed once again today as the markets continue to tighten ahead of U.S. sanctions on Iran, which will take effect in November. Both Brent crude and WTI rose as U.S. energy companies reduced their oil rigs by two last week emphasising this ever-tightening market.
Investors are continuing to play a cautious game with the markets as it continues to be volatile. We do not expect things to settle down until the dust has settled on sanctions and the global trade dispute between the U.S. and the majority of global economic powers cools down .”