Oil continues to move higher, with ICE Brent back above US$45/bbl in early morning trading in Asia. Optimism around vaccine developments continues to buoy sentiment, despite the current lockdowns that we are seeing across Europe, and with the numbers of US Covid-19 cases now passing the 12 million mark. The more positive sentiment is reflected in speculative data, with the latest Commitment of Traders report showing that speculators increased their net long in ICE Brent by 50,650 lots over the last reporting week, to leave them with a net long of 180,610 lots as of last Tuesday. This is the largest weekly increase ... (full story)