Standard Chartered: Record CTA Long Bets Are Capping Oil's Upside

AI Summary

Oil prices rebounded amid heightened U.S.-Iran tensions and mixed diplomatic signals, with Brent and WTI both rising. Standard Chartered said record bullish bets by commodity trading advisers may be limiting oil’s further upside.

Oil prices rebounded from their recent slide on fears of U.S.-Iran escalation after attempts at diplomacy yielded mixed results, with speeches by leaders on both sides laced with threats and belligerence. Brent crude for November delivery was up 1.70% to trade at $106.09 per barrel at 4:30 p.m. ET on Monday, while the corresponding WTI crude contract was up 0.95% to change hands at $93.29 per barrel. In a defiant speech to the United Nations last Wednesday, resident Masoud Pezeshkian blamed the U.S. for starting the war and stoking global instability,…