Oil Holds Near Five-Month High as Traders Tout Tighter Market.

Oil is trading near a five-month high due to tensions in the Middle East and bullish sentiment among energy traders. Brent crude is above $90 a barrel, with expectations that prices may trade in a range of $80 to $100 this year. The options market is showing strength, with heavy buying of bullish call options for Brent. Additionally, a new Chinese mega-refinery has received an import quota, indicating increased crude import demand. Overall, the outlook for oil remains positive. [Extracted from the article]