Industrywide pessimism sees banks across Wall Street revising price forecasts lower. — Reuters
NEW YORK: One fund is taking on a cheap long-shot bet that Brent crude will climb toward US$100 a barrel amid revived tensions in the Middle East, even as industrywide pessimism sees banks across Wall Street revising price forecasts lower.
Options equivalent to 20 million barrels that would profit if Brent’s June contract rallies toward US$100 traded on Monday, according to data compiled by Bloomberg.
