Traders Speculate on $110 Oil As Middle East Tensions Escalate ...Middle East

While oil prices have been struggling to move above $80 per barrel for weeks, some traders have bet on oil hitting as high as $110 a barrel in the early spring.    It looks like some speculators are betting on a major escalation of the conflict in the Middle East in the coming months, considering the fact that fundamentals and analysts suggest a balanced market or a market in a slight surplus early this year.  The $110/$130 call option spreads on Brent Crude for May and June have attracted bets equivalent to around 30 million…

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