Oil Prices Surge Past $90 per Barrel on Bets of Further Gains
• Oil prices have surged, with Brent crude rising 18% this year and passing $90 per barrel • Options markets show increasing bets on further oil price spikes, even beyond $100 per barrel • Technical indicators like the Brent futures curve shape and moving averages signal a bullish outlook • Money managers and algorithmic traders have built up substantial long positions in oil futures • Gasoline profit margins are strong, though naphtha margins show early signs of weakness