Oil steadies near US$95 as risk-off mood vies with upward momentum

Shrinking supplies have ignited a flurry of predictions that US$100 oil could return on a roster than includes industry heavyweights such as Chevron Corp. Chief Executive Officer Mike Wirth and traditional bears at Citigroup Inc.

“The new upside target” sits near US$95 for U.S. futures, Dennis Kissler, senior vice president for trading at BOK Financial Securities, wrote in a note to clients. “That being said, no market goes straight up forever, and at these levels crude futures are very vulnerable to any negative news that could trigger an ‘overbought’ major correction.”

Crude has soared by almost one-third since mid-June, with Riyadh and Moscow joining hands to curtail exports in a bid to drain inventories and drive a rebound in prices. An improving outlook in the world’s two biggest economies — the U.S. and China — has also supported the advance. Oil’s relentless surge has been one of the standout features of commodity markets during the current quarter.

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