2017 oil's most bullish year, thanks to OPEC

The rally came on the back of a well-orchestrated campaign led by Saudi Arabia and Russia to enforce and extend supply curbs implemented by the OPEC and other producing nations

Oil bulls are charging into the new year with unprecedented vigour, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices for West Texas Intermediate and Brent crude reached record levels in December. 

“At least through the first half of 2018, they’ll stay pretty bullish,” said Ashley Petersen, lead oil-market strategist at Stratas Advisors in New York. “June will be a real turning point because that’s when we’ll hear about unwinding the deal, and if OPEC doesn’t handle