US crude oil could be in position for another trek higher
US crude oil could be in position for another trek higher. According to Bloomberg, hedge funds are the most bullish on crude they've been in the last five months. With the price of crude breaking $100 per barrel, the next stop may be as high as $110. Bullish factors are contributing on both the supply and demand side. The southern part of the Keystone pipeline opened in January and helped substantially reduce pent up supply at the Cushing refinery. Meanwhile. cold weather increased overall demand for oil and distillate fuels. The price of oil could become a hot button topic in the coming months as too high of a price could dampen economic activity. (VIEW LINK)
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