While oil prices have been struggling to move above $80 per barrel for weeks, some traders have bet on oil hitting as high as $110 a barrel in the early spring.
It looks like some speculators are betting on a major escalation of the conflict .
Middle East Tensions Spike Oil Prices Toward $110/Barrel shanghaiist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghaiist.com Daily Mail and Mail on Sunday newspapers.
Traders Speculate On $110 Oil As Middle East Tensions Escalate menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
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Weakness in manufacturing in China, the EU and the U.S. has been weighing on demand for distillates and will likely continue to weigh on global oil demand early in 2024.