Oil prices rebound, and bullish bets are piling up
The imbalance between bullish long positions and bearish shorts is near a record, but Goldman sees reason to be wary
Singapore — Oil prices rose on Friday, as traders focused on US sanctions against Iran's crude exports that are set to start next month to tighten global markets. The gains helped claw back some of the previous session's losses on rising US inventories and news Saudi Arabia and Russia plan to raise output to at least partly make up for expected disruptions from Iran. International benchmark Brent crude oil futures were at $84.90 a barrel at 4.31am GMT, up 32c or 0.4% from their last close. US West Texas Intermediate (WTI) crude futures were up 43c or 0.6% at $74.76 a barrel. "Crude oil prices drifted lower (on Thursday) on a combination of rising oil production in Saudi Arabia and Russia, and a build-up of inventories in the US. That said, prices remained resilient as supply worries persist amid looming Iranian sanctions," ANZ bank said on Friday. Overall oil market sentiment is bullish. Financial traders have accumulated bullish long positions — betting on a further rise in prices ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.