Oil prices are positioned to head higher in the second half, analysts said on Monday, after crude's dismal performance in the first six months of 2017 caught many commodity watchers flat-footed.
Analysts said much of the recent trading has been based on technicals, or buying and selling based on crude's moves above and below certain price levels. Meanwhile, the physical market — which measures the actual number of barrels around the world — is moving back toward balance after a long period of oversupply that crushed prices, they said.
"We thought this market was actually a bit oversold. We think the fundamentals are better than where the price was earlier," said Helima Croft, the global head of commodity strategy at RBC Capital Markets.
Source: Bloomberg
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