Cautious oil market bulls are stirring, sensing higher prices for future months after a first whisper that the glut may be set to slowly shrink. The International Energy Agency (IEA) on Friday said lower prices will force non-OPEC producers including the United States to cut output by the steepest rate in over 20 years next year. This helped push the difference in price between oil for delivery in October and for delivery in one year’s time to its widest in six months, at $8.0 a barrel on Monday. “People are getting ready to press the ‘buy’ button, but the thing is we are probably just still a couple of months too early,” Saxo Bank commodities strategist Ole Hansen said. The outperformance of longer-dated crude prices seems to be more about a pickup in […]