Summary
[Oil prices hit new highs and traders believe there is still room for upside]① Crude oil prices are rising because some well-known traders in the market said that after rising nearly 50% so far this year, oil prices will rise further. Both Glencore and Vitol Group said they expect further increases in oil prices. Trafigura Group CEO Jeremy Weir said that due to insufficient supply due to low investment, the price of crude oil may even reach US$100 per barrel; ②With the accelerated pace of new crown vaccination, crude oil prices have soared this year. Glencore’s Alex Sanna said that global demand will return to normal in the third quarter of next year, and crude oil prices may rise due to wider vaccinations and inflationary pressures. Russell Hardy, CEO of Vitol, said that although the demand for diesel and petrochemical products has returned to the level before the outbreak, there is still a little room for oil prices to rise; ③At the same time, funds continue to shift more widely to the commodity sector. The Bank of America’s monthly survey of fund managers shows that bets on bullish commodities have surpassed Bitcoin investment and become the most crowded transaction in the market. (Zhitong Finance Network)
①OriginalOil priceThe rate rose because some well-known traders in the market said that after rising nearly 50% so far this year, oil prices will rise further.GlencoreBoth Vitol Group and Vitol Group said they expect further increases in oil prices. Trafigura Group CEO Jeremy Weir said that due to insufficient supply due to low investment, the price of crude oil may even reach US$100 per barrel; ②With the accelerated pace of new crown vaccination, crude oil prices have soared this year.GlencoreAlex Sanna said that global demand will return to normal in the third quarter of next year, and crude oil prices may rise due to wider vaccinations and inflationary pressures. Vitol CEO Russell Hardy said that althoughDiesel oilThe demand for petrochemical products has returned to the level before the outbreak, but there is still a little room for oil prices to rise; ③At the same time, funds continue to shift more widely to the commodity sector.Bank of AmericaCorrectfundThe manager’s monthly survey shows that bets on bullish commodities have surpassed Bitcoin investment and become the most crowded transaction in the market.
(Source: Zhitong Finance Network)
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