The world's largest oil traders are increasingly bullish and confident about the oil bull market in the second half of the year

After oil prices broke through $90 per barrel for the first time in months, the world’s largest commodity traders are increasingly confident that the oil market will maintain a bull market as it enters the second half of the year. Russell Hardy, chief executive of Vitol Group, the world’s largest independent trader, said the company now expects demand to rise by 1.9 million barrels per day this year. This is more than 30% higher than the International Energy Agency’s (IEA) current expectations. If this figure becomes a reality, it will be almost on par with the growth figures for 2023. Vitol rivals Trafigura and Gunvor also expressed optimism about demand, citing global economic growth and strong recent data, respectively. “The global oil market is set to enter an extremely tight state,” Sebastian Barrack, head of commodities at hedge fund Citadel, said at the FT Commodities Global Summit on Monday. "OPEC has undoubtedly regained control. ”