Oil Rises to Highest Since 2018 as Traders Eye Further Rally - Bloomberg

Oil Rises to Highest Since 2018 as Traders Eye Further Rally - Bloomberg

PRICES:

West Texas Intermediate crude for July delivery advanced $1.24 to settle at $72.12 a barrel. Brent for August settlement gained $1.13 to end the session at $73.99 a barrel. Oil climbed as a chorus of prominent traders in the crude market said prices will continue to rise after a nearly 50% rally so far this year. Futures in New York advanced 1.8% on Tuesday to the highest level since October 2018. At the FT Commodities Global summit, Glencore Plc and Vitol Group both said they see further gains in oil. There’s even a chance crude prices could hit $100 a barrel on a lack of supply amid underinvestment in the sector, according to Trafigura CEO Jeremy Weir. “Everybody’s continuing to do the math on rising demand and hesitancy among producers to dive back in and put more oil in the market,” said John Kilduff, a partner at Again Capital, LLC. “So there’s a developing structural supply-demand deficit.”