$105 Critical Crude Oil Level, U.S.-Iran War Shows "Demand Destruction" Risk
Carley Garner, senior commodity market strategist at The Garner Group, believes the recent $10 rally in crude oil was too rapid, cautioning that $105 per barrel represents a significant resistance level. She expressed concerns about potential price squeezing risks should crude break above this level, warning that persistent high oil prices could lead to "demand destruction."
Sustained high oil prices could lead to demand destruction, impacting consumer spending and potentially signaling a broader economic slowdown or recession, a pattern observed in past commodity cycles.
The episode also covers Apple's foldable phone announcement.