Oil expert: ‘We’re in a long-term structural bull market’ despite price drop

As demand for oil weakens, gas prices are declining, with the national average falling below $4 per gallon earlier this month for the first time since March.

But the pullback may be short-lived, one expert cautioned, and prices could rise again before the end of the year.

“We’re in a long-term structural bull market in oil,” Schork Group principal Stephen Schork told Yahoo Finance Live (video above). “By the end of the year, I would suspect that these prices will be back in that $100 to $125 range, which we’ve seen through the first half of this year.”

A motorist fills up the tank on a sedan, on July 22, 2022, in Saratoga, Wyo as falling oil and gas prices give consumers a break amid inflation. (AP Photo/David Zalubowski, File)

Schork explained the jump in prices in the final months of the year would be driven in part by the European Union’s looming embargo on Russian oil, which is set to take effect in December.

Russian oil production is expected to drop by about a fifth…

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This article was written by and originally published on finance.yahoo.com