US crude futures went through the $85 mark for the first time since October 2023, marking another significant milestone in a market propelled by a combination of OPEC+ production cuts, robust demand, and heightened geopolitical tensions.
West Texas Intermediate (WTI) experienced a gain of up to 1.8% in New York, while the global Brent benchmark approached the $89 per barrel threshold. OPEC and its allies' decision to curtail production has tightened the market, coinciding with sustained global demand.
Simultaneously, conflict in the Middle East has added an extra layer of risk, contributing to a premium in oil prices. This was underscored by an Israeli airstrike on Iran’s embassy in Syria, resulting in the death of a high-ranking military official.
Recent weeks have seen hedge funds becoming increasingly bullish on crude, with data from ICE Futures Europe indicating that money managers’ net-long positions in Brent have reached a 13-month high. Furthermore, th ...
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