Long-dated oil prices have risen to within a whisker of $100 a barrel, in a sign that investors are expecting high prices to return after the recession.
The furthest forward oil contract traded on exchanges – the December 2017 futures – rose last week to $99.97 a barrel for the Brent benchmark and to $99.43 for the West Texas Intermediate, the highest since last October. The prices have risen by 10 per cent in the last month.
“The entire crude forward curve has moved up,” said Michael Wittner, oil strategist at Société Générale. “We assume that investor flows have pushed up long-dated prices.”
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