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‘Something has to give’ in oil markets Add to ...

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A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

The combination of rampant speculation and flat crude prices means “something has to give” in energy markets, according to Bloomberg,

“At the start of February, speculators were betting a net 865 million barrels of oil across the market’s two global benchmarks that prices would rise. As well as being a record, their bullish positioning expanded by 78 percent since just before the Organization of Petroleum Exporting Countries and 11 other producer nations pledged to cut global crude supplies. Benchmark prices rose about 20 percent over the same period… Unfortunately for the bulls, the oil market itself has fallen asleep after an initial surge.”

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