Oil Traders Push Futures Market to the Limit

Oil traders have been aggressively buying futures contracts in the crude and fuel markets, resulting in a significant increase in bullish bets on oil prices. However, some analysts believe that this surge in buying indicates that oil prices may soon experience a correction. While JP Morgan predicts Brent could reach $150 per barrel, others anticipate Brent hitting $100 by the end of the year. Factors such as high interest rates, growing supply from non-OPEC nations, and potential demand destruction could undermine the current price rally. The delicate balance between pushing prices higher and avoiding excessive increases will be crucial for OPEC's Saudi Arabia and Russia.