Oil futures curve moves above $50 as traders display their confidence
Speculators’ strategy to buy ‘every short-term dip’ has worked well so far
SINGAPORE — US oil futures held above $50 a barrel on Friday as the entire crude forward curve pushed above that level in a sign that financial markets have increasing confidence in the sector.US West Texas Intermediate (WTI) crude futures settled at $50.44 a barrel on Thursday — the first settlement above $50 since June 24 — and were trading on Friday up 3c at $50.47 a barrel at 1.23am GMT.International Brent crude futures already moved over $50 at the start of this week, and were trading at $52.51 a barrel at 1.23am GMT on Friday, flat with their last settlement.With both front-month contracts above $50 a barrel and each forward curve in contango, in which contracts for future delivery are more expensive than those for immediate sale, the entire crude futures complex has moved back over $50 a barrel."There is still no end in sight for the current bullish run. Speculators have been buying every short-term dip, a strategy that has evidently been working very well so far," said Fawad...
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