Oil in London rose above $60 a barrel for the first time in more than a year in a rally that’s dividing the world’s top oil trading houses. (Bloomberg) — Oil in London rose above $60 a barrel for the first time in more than a year in a rally that’s dividing the world’s top oil trading houses. Global benchmark Brent futures surged 2.1% on Monday. Surpassing the key marker is another milestone in a stellar comeback from the depths of the pandemic, which forced countries to lock down and devastated economies. Trading house Trafigura Group sees prices moving even higher as refiners increase processing rates to meet rising product demand amid tight physical crude supplies. However, with a full-fledged demand recovery yet to take shape, futures may have rallied too far too fast, especially with key technical indicators signaling crude is in overbought territory. The world’s largest independent […]