Oil Prices To Reach $110 per Barrel as Middle East Conflict Escalates
Commodity traders are betting on ‘Call options’ on Brent Crude claiming that Oil Prices are on the way to reach $110 per barrel. According to the bets, the Oil Prices may skyrocket in spring come March to April 2024. The bets on higher Oil Prices have now reached an amount equivalent to around 30 million barrels. Also Read: Pakistan Must Never Be Allowed To Join BRICS Under Any Situation: India Oil prices have maintained stability at $80 per barrel for weeks making gas cheaper and affordable in the US. The global prices have also remained steady with little disruption in the last two months. However, traders believe the momentum won’t last long, and a drastic price rise is on the cards. ‘Call options’ bet has sprawled across $110 to $130 per barrel and expires on May and June 2024, reported Bloomberg. These buyers would profit immensely if Oil Prices reach $110 per barrel and beyond making stellar profits. Also Read: BRICS: Russia & Iran...