Oil traders stay bullish as Brent hovers at $90: Here’s why crude is elevated
The world’s top commodity traders and analysts are increasingly confident of a bullish oil market into the second half of the year after Brent crude prices pierced $90 per barrel for the first time in months.
Led by OPEC+ supply cuts that have kept global inventories in check and assessments of demand that are improving by the day, the views of leading trading houses have shifted markedly in just a few weeks. Brent crude is currently trading near a five-month high as strong supply-demand fundamentals combine with a significant dose of geopolitical risk due to the ongoing war in the Middle East.
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Published: 11 Apr 2024, 08:06 PM IST
