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Oil Markets Have Got Ahead of Themselves, Trader Vitol Says

  • Vaccine euphoria and faith in OPEC driving prices, Muller says
  • Vitol follows Gunvor in urging caution about oil-price rally
An oil industry offshore supply ship docked in Port Fourchon, Louisiana, U.S.

An oil industry offshore supply ship docked in Port Fourchon, Louisiana, U.S.

Photographer: Photographer: Luke Sharrett/Bloomberg

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The world’s largest independent oil trader, Vitol SA, joined rival Gunvor Group Ltd. in expressing caution about the recent surge in crude prices.

“The market is getting ahead of itself in terms of a post-vaccine euphoria but also continued belief in the ability of OPEC to manage supply,” Mike Muller, head of Vitol’s Asian operations, said Sunday in an interview with Dubai-based consultant Gulf Intelligence.