Lipow made the arguments on “Mornings with Maria” on Tuesday morning as oil prices traded higher with Brent crude futures for July rising about 1.6% to $123 a barrel and U.S. West Texas Intermediate crude futures for July delivery gaining about 3% to around $118 a barrel.
The higher oil prices come after EU leaders agreed the day before to cut around 90% of all Russian oil imports over the next six months. Europe relies on Russia for 25% of its oil and 40% of its natural gas.
“What this means is higher oil prices are ahead because this impacts about 2.3 million barrels a day of crude oil and another 1.2 million barrels a day of refined products,” Lipow told host Maria Bartiromo.
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