Oil prices just hit $82 – and could be headed to $100.
All after OPEC “reconfirmed the production adjustment plan” of 400,000 barrels a day, as noted by Reuters. Not helping, Bank of America analysts say oil could be headed back to $100.
“[O]il prices could spike and lead to a second round of inflationary pressures around the world,” analysts including Francisco Blanch wrote in a note. “Put differently, we may just be one storm away from the next macro hurricane.”
With oil likely to see higher highs, oil stocks like Northern Oil and Gas (NOG) could run. In fact, NOG just broke above double top resistance and could be headed to $30 next from a current price of $26.