Michael Fisher is an active trader and market analyst. He holds a Bachelors degree in Economics from University of Pennsylvania and started his career as a private Forex trader back in 2005.
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Key Moments
The U.S. Treasury Secretary stated in a Fox News interview that the global oil market is currently well supplied.
He said additional supply would be beneficial and pointed to increased flows as countries reach agreements with Iran.
He noted that the United States will take control of the Strait of Hormuz over time, while equity futures moved higher without a notable reaction to his remarks.
Official Comments on Oil Supply Conditions
In an interview with Fox News on Monday, United States (US) Treasury Secretary Scott Bessent said that the Oil market is well supplied but added that any additional supply will be helpful, per Reuters.
Bessent explained that they are seeing more oil supply as countries cut deals with Iran and noted that the US will take control of the Strait of Hormuz over time.
Market Reaction and Equity Futures
The remarks did not prompt a notable shift in financial markets. These comments failed to trigger a significant market reaction. At the time of press, US stock index futures were rising between 0.7% and 0.8%.
Instrument
Reaction at time of press
US stock index futures
Rising between 0.7% and 0.8%
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