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More bullish bets on oil by traders amid improved economic outlook, optimism over China’s reopening
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The oil bulls have been gaining strength from rising demand hopes as China’s economy reopens, accompanied by a softening dollar.
PHOTO: REUTERS
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SINGAPORE - A recalibrated outlook of the global economy has gained the attention of oil investors who have raised their bets in petroleum futures at the fastest rate in over two years, a trend that is likely to continue and keep prices well supported over the next few months.
This view helped push prices for the key international crude oil benchmark, Brent, to trade at just over US$88 earlier this week, about US$10 higher off January’s low of around US$78.
