In related news

  • Here's What Will Push Oil Above $100/Bbl

    Here's What Will Push Oil Above $100/Bbl Back in early December, just after Powell's dovish pivot shocked everyone, many closet oil bulls like BofA's energy strategist Francisco Blanch, predicted that a dovish Fed would send oil back to $100. Unfortunately for him, oil did nothing and just one month later, as no oil buying had materialized, Blanch threw in the bullish towel and cut his oil price forecast by 11%, ironically bottom ticking to the dot oil just as it was about to soar...

  • Traders Bet on $100 Oil at Record Pace

    Traders flocked to the crude oil options market last week, trading record numbers of call options that Brent would hit $100 per barrel in the coming months, data compiled by Bloomberg showed on Monday. As tensions in the Middle East escalated earlier this month, traders moved to the options market, betting on higher oil prices as a hedge against spiking futures prices. The call options give traders the right—but not the obligation—to buy assets at a certain price, the so-called strike price, by...

  • Nigeria grows oil reserves to 37.5 billion barrels

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, said the nation’s oil and gas reserves has risen to 37.50 billion barrels as at January 2024, as against 37.046 billion it announced in May 2022.