Oil at $70 before year’s end?

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© Reuters.  Oil at $70 before year's end?© Reuters. Oil at $70 before year’s end?

  • Following the corruption crackdown in Saudi Arabia, oil investors are starting to entertain a prospect that seemed unthinkable even a few weeks ago: crude trading above $70/bbl before the end of 2017.
  • Markets seem to be reading the shakeup in two ways. Some are glad to see the Crown Prince continuing to push his reform agenda, as well as support for OPEC-backed cuts, while others see it as a roundup of rivals and consolidation of power.
  • Crude futures +0.1% to $57.42/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Brent Hits – It’s Just The Start Of The Bull Trend

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