Russian invasion of Ukraine 'worst case scenario' for global oil market, analyst says
Russian invasion of Ukraine 'total disaster,' Phill Flynn says
Price Futures Group senior market analyst Phil Flynn argues that Russia invading Ukraine is a 'total disaster' for the global oil market.
During an interview on "Mornings with Maria" senior market analyst Phil Flynn called Russia's invasion of Ukraine "a complete and total disaster," and that Putin is controlling Europe with his supply of oil and energy.
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PHIL FLYNN: If you had to write a worst case scenario about the global oil market, Maria, this is it. I mean, this is a complete and total disaster right now. Vladimir Putin basically is controlling Europe right now with oil and gas supplies. And we can't do anything to stop that. His biggest source of income is oil and gas. And the Biden administration, even though they say they want to sanction Russia, they can't sanction the oil and gas because it will shut down Europe and shut down the global economy. So this is a very dangerous situation. The Biden administration wanting to release oil from the strategic reserve, it's nice, but they've already kind of wasted that shock value of that because they tried to use it to control prices, you know, a few months ago. So it really doesn't have a big impact at this point.
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Price Futures Group senior market analyst Phil Flynn discusses how the Russian invasion of Ukraine will impact oil prices.