Crude Oil Futures Price Lower Midday Wednesday August 16
Crude Oil Futures Price decreased 0.35 USD/BBL or 0.74% to 47.15 on Wednesday August 16 from 47.55 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
While the global oversupply of oil continues to weigh on crude prices and suppressed stock prices for oil companies, the sector offers attractive value to investors, experts argue.
“The sector has been underperforming, there’s great value, so you have to play the sector,” Beat Wittmann, partner at Swiss financial advisory Porta Advisors, told CNBC’s Squawk Box on Wednesday.
Crude Oil Futures Price
“The sector is so attractive right now and it’s a global demand-supply game.”
Crude oil prices are stuck in the range of $45 to $60 a barrel, according to Wittmann, but he thinks there is great value in the stocks of the super major oil companies.
“They’ve cut costs and exploration programs. They’ve digested and readjusted balance sheets and quite frankly that investment case does not so much depend on if the oil price is at $50 or $60. They just look through that,