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Oil price curve may hint at higher prices

Fund managers are steadily adding to bullish bets on crude oil

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Peter Rose's problem of uncertainty is typical for the oil and gas services industry at the moment. New orders have dried up and he has no idea how profitable his firm will be next year and beyond.

London

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