In an interview with CNBC's "Squawk Box" late-Monday, Barclays' Head of Energy commodities research, Michael Cohen noted that he expected oil prices to remain elevated during the summer driving season, but are likely to head lower in the second half of this year.
“The Syria conflict, which puts Western powers at odds with Russia and Iran, is not going away anytime soon.
An escalation there could precipitate an escalation in the Saudi-led war in Yemen, in Saudi Arabia's restive eastern provinces or in Iraq during parliamentary elections next month.
Also next month, President Donald Trump must decide whether to restore sanctions on Iran, OPEC's third-biggest oil producer.
All of this is going to add to headline risk at the very same time that we're gearing up for the driving season," when demand for refined fuels like gasoline increases.
So in our view, we think prices are skewed to the upside this quarter, but we're looking for a correction as we go into the second half of the year and into next year."
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