WTI Crude is trading above $38, up over 3% from its $37.07 close on New Year’s Eve.
Hedge fund short positions are near record highs, and speculators are at their least bullish in almost five years. Oil prices have shot higher this morning as diplomatic ties in The Middle East have heated.
WTI hits last weeks highs
Brent is currently outperforming trading 45c above WTI