Oil Sector Bulls Running as Iraq Violence Escalates

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Oil Sector Bulls Running as Iraq Violence Escalates

by TheStreet 2:58 mins

Oil Sector Bulls Running as Iraq Violence Escalates

by TheStreet 2:58 mins

The oil sector has almost outperformed the utility sector this year. Tensions and violence is escalating in Iraq as a result of the extreme group the Islamic State of Iraq or ISIS taking over major cities. The price of crude oil is set to close at its highest levels in nine months. Mark Newton, Chief Technician at Greywolf Equities believes the energy group will continue to outperform. As the situation in Iraq gets worse and begins to affect other nearby countries, the price of oil will continue to move higher. Equity stocks will probably fall as energy stocks rise and global concerns rise.

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