A man gets gasoline at a BP station in St. Louis, Missouri, as gas prices dropped across the U.S. over the last three months. (REUTERS/Kate Munsch)
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As hundreds of dealers flock to London for the annual International Petroleum Week, cocktail circuit talk will be of the chance of huge returns after years of low volatility.For them the market presents near perfect conditions, mimicking the year after the 2008 oil crash when some booked their best profits in history. Any trader with access to storage, on land or at sea, can buy a barrel of oil today for $58 LCOc1 and sell it 10 months down the line for $65 LCOZ5, based on current prices.After posting a 60 percent crash from above $115 a barrel June to near $45 in January, Brent crude oil has rallied by as much as 30 percent, touching $59 a barrel this week.Dunand estimates that by the end of the first quarter of 2015 some 400 million barrels of oil worth $22 billion will be stored onshore and offshore as global production volumes are still massively exceeding demand.
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