Brent crude currently trades around $96.50/bbl. a seven-year high and is closing in on the headline-making $100/bbl. level. While this level may act as resistance in the short term, it is unlikely to hold oil back for too long, especially if Russia disrupts supply in response to any sanctions. The monthly price chart shows Brent crude entering a multi-year period when oil traded in a $95/bbl. and $128/bbl.
39.74% of traders are net-long with the ratio of traders short to long at 1.52 to 1. The number of traders net-long is 2.39% lower than yesterday and 12.32% higher from last week, while the number of traders net-short is 12.17% higher than yesterday and 5.32% lower from last week.OilPositioning is more net-short than yesterday but less net-short from last week.
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