crude-oil-prices

Oil prices finally increase as investors start betting.

On Tuesday,oil prices,crude futures, increase on the commodities market for a second day,as investors keep betting big across oil markets following OPEC production cuts.
At 0733 GMT or 2:33 a.m. ET,US West Texas Intermediate crude (CLc1) increased 0.6% or 34 cents at $53.74 a barrel.After gaining 0.7% on Monday,Brent futures (LCOc1) increased 14 cents at $56.32 a barrel.
After members of the Organization of the Petroleum Exporting Countries (OPEC) committed last year to cut production,investors now hold more crude futures and options than at any time on record.Data from the Intercontinental Exchange showed that investors raised their bets in Brent oil prices to a record last week.
An investment analyst at Phillip Futures in Singapore,Jonathan Chan,said:“I think this prolonged and increasing overcrowding of speculative net longs should be a cause for concern. Crude oil prices do not seem to be rising with this increase. Should there come a time when these speculative positions decide to unwind, oil prices will be in for a significant correction.” 
A market analyst at OptionsXpress in Sydney,Ben le Brun,said:“We are coming toward the top of the recent trading range,It is going to be absolutely intriguing to see just which way it trends from here.”
The oil market will have to wait until Thursday, a day later than normal, for the release of this week’s official data, due to the holiday on Monday.