India's demand for oil is strong and the country is trying to figure out how to deal with Iran sanctions, said Philip Verleger, president at PKVerliger.
Oil prices on Thursday extended gains from the previous session, buoyed after official data showed that US inventories of gasoline, diesel and heating oil unexpectedly fell last week.
“What we are seeing is a chaos in the market. Everybody is pulling away from the market," said Verleger.
The United States is following a really ridiculous policy with tariffs on China and everybody else, said Verleger, adding that China’s economy is beginning to slump.