Skip to content

Oil Traders Pile Into $70-a-Barrel Longer-Term Crude Price

  • Futures for end ‘22 and end ‘23 have held up amid slump
  • Demand has rebounded with investment in new supply lacking
Updated on

Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply.

Since hitting their high for the year last month, the most-active oil futures have fallen almost 5%. By comparison, those for late 2022 and 2023 have barely moved, sticking above $70 a barrel.