The oil markets remain highly volatile, but continue to have little forward momentum, with WTI prices resuming their negative trading to move away from the pivotal $71.55 resistance level, pointing to renewed expectations of declines in the upcoming sessions. According to Standard Chartered, the extreme volatility being witnessed in the oil markets is due to gamma hedging effects, with banks selling oil to manage their side of options as prices fall through the strike prices of oil producers put options and volatility increases. …
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