Oil futures touch fresh highs for the year on bets for tighter global supplies

Oil futures trade most higher on Monday after touching fresh highs for the year as some traders bet that output cuts by major producers will lead to tighter...

Oil futures traded mostly higher Monday after touching fresh highs for the year, as some traders bet that output cuts by major producers may lead to a supply deficit in the global market.

“The fundamental focus of the oil market has shifted from demand — more specifically concerns that a slowdown in global growth will hurt consumer spending on refined products — to the supply side as Russia and Saudi Arabia caught markets off guard with their output cut extension announcements,” analysts at Sevens Report Research wrote in Monday’s newsletter.

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