Brent crude fell 60 cents to settle at $51.81 a barrel, while U.S. West Texas Intermediate crude slipped 61 cents to settle at $50.18 a barrel.
LONDON: The Organisation of Petroleum Exporting Countries’ (Opec) production cuts have already turned oil speculators the most bullish in a decade. As their effect is felt, crude could become even more alluring.
The supply curbs are boosting short-term oil prices, pushing some higher than later-dated contracts for the first time in two years. As Opec’s cuts begin to drain the world’s bloated fuel inventories, short-term crude should appreciate further, presenting financial investors with a new opportunity: a buy-and-hold strategy that once incurred losses will instead offer rewards.
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