The oil market is in a bullish move and heading well into the $90 per barrel range, Bob McNally, President at Rapidan Energy, told CNBC’s Squawk Box program on Monday.
Oil hitting $100 per barrel is “entirely possible,” McNally added. “Oil prices are climbing a wall of doubt and skepticism,” he said.
So far, traders have been focused on the lack of a significant drop in Russian supply. The market is also “dancing in a macro minefield,” McNally told CNBC.
“There are good reasons to be skeptical. But fundamentals are fundamentals. OPEC+ is going to put a huge deficit into the market into the second half,” he added.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.
