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Oil Bulls are Getting it All Wrong, Wall Street Veteran Warns
Oil bulls moving back into the market are making a big mistake, according to one of Wall Street’s most prominent forecasters. Crude futures jumped above $80 a barrel in London last week for the first time in two months, on signs that rising demand and OPEC+ supply cuts are finally causing global markets to tighten. But it’s just an artificial veneer of tightness, Citigroup Inc. contends, as output curbs by Saudi Arabia and its partners camouflage the absence of a solid demand recovery in China — the world’s biggest oil importer. “The bulls got it all wrong,” said Ed Morse, the bank’s veteran head of ... (full story)