OKE, PXD, ET: Rising Oil Prices Increase Potential For Higher Inflation

Global inventory declines in 2H23 have increased oil prices by $15, notes Rob Thummel. He discusses how markets are mixed following latest ISM Services data. He doesn’t expect oil prices to reach $100 per barrel. He talks about how rising oil prices increase the potential for higher inflation which means higher interest rates and potential for recession. He goes over how rising oil prices could lead to slower global growth. He highlights his energy stock picks which include OKE, PXD, and ET. Tune in to find out more about the stock market today.