- Oil is trading lower, near $86, after reaching the highest level since November last week
- The US Dollar is trading higher on fears that the Fed may keep rates higher for longer after last week's strong jobs report
- The US crude oil rig count increased by two rigs to a total of 508, according to data from Baker Hughes
- Managed money positioning increased by 10k contracts, driven by an increase in long positions through last Tuesday, according to CFTC data released on Friday
- Near-record number of bullish options positions trade (BBG)
- 317k Brent call options traded on Friday, the second busiest trading day for call options on record
- This comes after Brent futures traded above $90 for the first time in several months, and market participants have become more bullish
- A large increase in buying of call options can lead to more buying in the futures market, as traders who sold the call options may have to buy futures to hedge their position and prevent losses in the event of a market rally