For more than a week, Brent Crude prices have been flirting with the $80 threshold as market participants have focused on the shrinking oil supply from Iran and continuous drop in Venezuela’s production. For a couple of weeks now, investors, traders, and money managers have been increasingly bullish on Brent Crude, while Permian constraints have made them trim bets that WTI Crude prices would rise. The bullish sentiment in Brent was further stoked this week by reports that OPEC’s largest producer and leader Saudi Arabia may now be comfortable letting oil prices rise above $80 a barrel—a possible sign that the Saudis may not be rushing to balance supply if more Iranian oil comes off the market this month and next. The reported Saudi comfort with an $80-plus Brent price has spread to oil investors and traders. In just two days, September 17 and 18, open interest in call […]