In the shadow of a big tech market rally lurks oil prices, which have been rallying as equities take a breather in August and September. However, push and pull forces could make for a bumpy ride for prices, giving traders opportunities to take advantage of leveraged exchange-traded funds (ETFs).

Since the start of 2023, oil prices have been trending lower, but the longer-than-expected run for inflation could be spilling over into oil. Prices have started to trend higher again, especially during the summer time when travelling reaches a peak.

While market analysts could foresee a scenario where oil could reach $100 per barrel, there are also downward pressures that could play into weaker oil prices. That’s welcome news for consumers who have been seeing a profound increase in the price of fuel.

“Oil prices may be near $100 a barrel, but a range of factors could prevent a sustained rally above that level, analysts say,” a Reuters report said, noting that a rise in non-OPEC production could apply pressure on prices, specifically “Russia’s need to boost supply to increase revenue and the potential for oil demand to slow given already-high interest rates in major Western economies.”