What's Driving The Rally Toward $100 Oil?

Contributing sentiments towards policy:

63% : The U.S. responded by releasing a record amount of oil from the Strategic Petroleum Reserve (SPR), temporarily boosting supply.
62% : This undoubtedly helped push oil back below $100/bbl, because it helped boost supplies in the market.
60% : Extension of the production cuts was a bullish signal for oil, and that brings more speculators into the mix.
53% : Absent a change in their stance, oil may continue rallying, presenting challenges for inflation control and economic stability as the U.S. heads into a presidential election year.
50% : While the Federal Reserve's rate hikes have helped curb inflation, factors like oil supply dynamics are outside their control.
50% : Removing this supply source strained markets, propelling oil over $100 per barrel in spring/summer 2022.
48% : Between the start of the Russian invasion and now, 235 million barrels of oil -- representing 40% of the pre-invasion level -- have been released from the SPR.
47% : When the pandemic hit in early 2020, stay-at-home orders cratered oil demand, causing prices to plunge.
44% : On top of that, the devastating floods in Libya -- one of the Top 20 oil producers in the world -- have prevented the export of oil to global markets.
35% : U.S. oil production fell 3 million barrels per day in response.
33% : Many countries banned Russian oil imports after its invasion of Ukraine in February 2022.

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