Oil back at $100 a barrel? The big bet of the week as price rebounds, global uncertainty mounts By business reporter Stephen Letts

The most actively Brent oil futures contract traded last 
week was December 2018 oil at $US100 a barrel
ASX has under-performed major global markets on weekly,
 monthly and year-to-date measures

RBA meeting is the key domestic event this week

However, those little numbers of motorist angst may soon be spinning even more rapidly as the oil market tightens and political uncertainty mounts among key producers.

While a lot happens between the well head and the petrol pump — including the highest retail margins on record — the general market vibe is that the price of oil is heading one way, and that is up.

The global benchmark, Brent crude, gained again on Friday to end not only the week and month solidly in the black, but the 20 per cent gain over the past three months was the strongest third-quarter growth since 2004.

At just shy of a two-year high $US60 a barrel, things do not seem too alarming yet.

However, right now the most popular bet in the Brent futures market is for oil at $US100 a barrel next year.

In just the past week, the number of bets on oil at $US100 in December 2018 has trebled. Indeed, buying any number of still-cheap positions above $US70 for next year is proving increasingly popular.

While it certainly does not mean it is going to happen, it could.