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Oil’s fundamental backdrop is shifting in favor of the bulls. Today’s decline -- brought on by profit-taking and technical trading -- is exaggerated as money managers and traders book profits and close positions ahead of both the month and quarter’s end.  Source: marketwatch.com - By: Myra P. Saefong & William Watts - Image: AFT/Getty Images
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In some cases, bullish views have started to appear in the oil options market where they're seeing a spike in activity at $100 a barrel. This activity indicates that some oil bulls are betting the price could trade around that level by this time next year (via BOE Report).  Source: boereport.com - By: Reuters Anticipation of rising demand, resumed production of U.S. Gulf Coast refineries following Hurricane Harvey, and Turkey’s threat to halt Kurdistan’s crude shipments pushed oil into a bull market this week. WTI Crude is up at $52.65 and Brent Crude is up at $58.35 this morning.  Source: worldoil.com - By: Rakteem Katakey - Image: Stock Photo |
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