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Oil prices rose on Monday as investors showed record confidence in prices rising further. though gains were capped by the prospect of faster growth in US oil production.
Brent crude oil rose 52 cents to $56.51 a barrel. while US West Texas Intermediate added 42 cents to $54.41. Reuters reported.
Investors raised their bets on rising Brent crude oil prices to a new high last week. data from the InterContinental Exchange showed on Monday. breaking the 500.000-lot mark for the first time on record.
Money managers also raised their bullish US crude futures and options positions in the week to Feb. 21 to the highest on record. the US Commodity Futures Trading Commission said.
With speculators increasing their bullish bets on US crude to an all-time high. the risk of disappointment and subsequent downward spiral in prices has never been greater. oil brokerage PVM`s Stephen Brennock said.
Among the risks is the level of compliance to the deal between the Organization of Petroleum Exporting Countries and other producers to bring down oil output by about 1.8 million barrels per day.
