Brent Climbs Above $60 With Trading Houses Divided on Rally
- Trafigura sees price rise; Vitol and Gunvor call for caution
- Key technical indicators suggest rally is overbought
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Oil in London rose above $60 a barrel for the first time in more than a year in a rally that’s dividing the world’s top oil trading houses.
Global benchmark Brent futures surged 2.1% on Monday. Surpassing the key marker is another milestone in a stellar comeback from the depths of the pandemic, which forced countries to lock down and devastated economies. Trading house Trafigura Group sees prices moving even higher as refiners increase processing rates to meet rising product demand amid tight physical crude supplies.