Markets Rally Despite OPEC Production Cuts

(9/6/22) Markets are set to open higher after lwast week's sell-off, under pressure from Fed head Jerome Powell's post-Jackson Hole speech, suggesting more rate hikes, more aggressively, are still to come. Markets tried to challenge that, until Russia threw a wrench into the works, announcing a cut off of natural gas to Europe. This morning's futures are looking higher, seeking a bit of a rally as markets remain over-sold. Continue to use these rallies to sell into to reduce portfolio risk. Meanwhile, OPEC announced over the weekend a cut in production, proving the half-life of a Biden fist bump is about one month. The cut is no surprise, as oil prices have been under pressure, and OPEC likes those prices kept high. A rally to $95 or $98/bbl would not be surprising, and would create a decent sell point for investors. As the Fed continues to hike rates, demand will weaken, keeping oil prices in a downward trend, despite the production cuts.
Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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