Our weekly CNBC survey asks traders, analysts and strategists about their outlook for crude. Here are this week's results:
Overall Sentiment: Neutral-Bullish
Total Responses: 11
- Neutral: 5
- Bullish: 4
- Bearish: 2
Key Bullish Factors:
- Upbeat earnings season and robust stock markets supporting prices
- The weakening dollar
Key Bearish Factors:
- Oil will meet resistance at $70/bbl level
Chris Mennis, New Wave Energy:
"What's the big deal about the weak dollar? It stimulates U.S. exports, and with the exception of gold, there is no inflation in the U.S."
"Oil markets are moving higher as we crawl toward recovery, ratchet tensions up with Iran. The dollar is merely a fulcrum to lift commodities, and stock markets from their oversold lows of early 2009."
"The dollar is no where near last years lows, and is in fact oversold as well, in my opinion."Bearish Themes:
Mark Waggoner, Excel Futures:
"We believe the market will head lower. The dollar making new lows has hampered previous attempts. In the short term fundematals are bearish. However, long term we should go much higher as demand picks up. We should head for $65-66" this week."
Ong Eng Tong, Mabanaft:
"I guess it is like the old record being played over and over again the last few weeks. The price will fluctuate between the $70 per bbl. Will the record play on, it is anybody's guess as the surplus situation is still not over."
Mike Sander, Sander Capital Advisors:
"Even though everything looks bullish for oil, the price has still held steady in the $70 ballpark since the start of June, while the dollar has weakened and the Dow Jones is 1,000 points higher."