Oil market returns to its 'bullish' run

A fresh wave of speculative funds streamed into the oil market yesterday resulting in a marked return to the bullish run we have seen in recent months.

In the US only a small amount of profit-taking ahead of the US data prevented US crude from breaching last years highs. Meantime, Brent crude rose in tandem with the US contract and touched $77/bbl before a similar drawback.