Standard Chartered: Record CTA Long Bets Are Capping Oil's Upside

Oil prices rebounded from their recent slide on fears of U.S.-Iran escalation after attempts at diplomacy yielded mixed results, with speeches by leaders on both sides laced with threats and belligerence. Brent crude for November delivery was up 1.70% to trade at $106.09 per barrel at 4:30 p.m. ET on Monday, while the corresponding WTI crude contract was up 0.95% to change hands at $93.29 per barrel. In a defiant speech to the United Nations last Wednesday, resident Masoud Pezeshkian blamed the U.S. for starting the war and stoking global instability,…