How Far Can Brent and WTI Rally Go?

January 15, 2018 Share Print 0

Another week of rising oil price and another record for money manager bets on gains. But can it last?With wagers on rising West Texas Intermediate and Brent crude futures mounting to new highs and the global benchmark hurtling through $70 in the face of depleting stockpiles, the bulls seem to have control of the market. But, warnings of a retreat are coming into view.

The Organization of Petroleum Exporting Countries is committed to keeping its output curbs in place for the rest of year, United Arab Emirates Energy Minister Suhail Al Mazrouei said last week. The U.S. supply picture has shown shrinking inventories, with storage at Cushing, Oklahoma below the five-year average.

Source: Record Betting on Oil’s Rally Begs Question: How Far Can It Go? – Bloomberg

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.