Concern over the United Steelworkers' largest strike in 35 years grew on Sunday, as it entered its fourth week. The strike spreads over 12 oil refineries and affects about 20 percent of the U.S.' production.
Nevertheless, one expert suggests that more information is required to assess the strike's full impact on the U.S. and world economy. "So far, we've seen crude stocks build in the United States to over 400 million barrels, [according to] data from the EIA and API," John Felmy, chief economist at the American Petroleum Institute, told CNBC's "Squawk on the Street" on Monday. "But remember, this only part of the world's supply and stocks. We only have data for the United States.… We really don't know what's going on outside of this area."
Felmy added, however, that recent production data looks promising. "If you look at the data of the last four weeks, production of fuel has been relatively constant and at very high levels. So far, things are looking very good," he said.