The Bulls Return: Brent Crude Could Hit $70, Says Morgan Stanley

With Brent Crude oil driving higher on Wednesday — up nearly $1 and trading at $67.59 in early afternoon New York trading – Morgan Stanley analysts Martijn Rats and Amy Sergeant point out that European refining margins have weakened recently. This is creating a negative correlation, where refining stocks head lower as the underlying product, Brent crude, moves higher.

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Brent crude: Watch for trading range with $70 high

With the primary pipeline distributing Brent crude just recently opened and the futures contract in backwardation – the front month is trading higher than...