The Tell: How to best play the oil rally — and it’s not by buying WTI or Brent

Oil prices have jumped to three-year peaks, as speculative bets hit all-time highs and a record-setting U.S. winter helps boost demand.

If you had bought oil three months ago, you would have bagged a 25% profit at this point, scoring yourself one of the biggest returns in the financial markets (apart from the monster rallies in cryptocurrencies, of course).

Is it too late to jump on the oil bandwagon? There is still a way to score gains, if you just know where to look, according to strategists at J.P. Morgan.

“Oil scratching $70 a barrel is perhaps a more interesting milestone than new highs on stocks,” they said in a note dated Friday, referring to Brent’s high last week.

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