Having legged higher at the opens of Asia, Europe, and US markets, WTI is extending gains overnight on middle-east tensions…
Brent is trading above $62 amid anti-corruption drive led by Saudi Crown Prince Mohammed bin Salman, which may consolidate his control in OPEC’s largest oil producer, and WTI has pushed above $57 as producers such as Nigeria, Saudi Arabia signal they support a potential extension of OPEC output cuts.
“We have political uncertainty, risk of political instability in this major oil producing country and also unforeseen implications for the entire region,” Commerzbank analyst Carsten Fritsch says by phone.
“It justifies a certain risk premium in the oil price…
At the moment you’d have to be brave to bet against Brent.”
And everyone and their pet rabbit is record long the energy complex.
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