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According to one analyst, crude oil's (CL=F, BZ=F) appeal as a speculative investment play has significantly faded, with the expert going as far as to state, "we may never return to that level of interest."
Tom Kloza, OPIS global head of energy analysis, joins host Akiko Fujita to highlight oil’s now fading reputation in the capital world.
Kloza reminisces about oil being a major hero during the ages of the Arab Spring crisis (uprisings across Arab world from 2010-11) but now says it's being outplayed by big tech and crypto.
"[Oil] was a place that you would see a lot of speculative money go, but it really has lost its mojo," Kloza tells Fujita. "I mean, now that money, that hot money, that fast money, that huge money goes into crypto and it goes into big tech."
"I would submit that we may never go back to that," he added.
Watch the video above to hear Kloza's forecast for oil prices.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
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This post was written by Josh Lynch