Money managers have grown increasingly optimistic about a recovery in oil prices and have raced to close out bearish bets on petroleum futures over the past month. Shrinking supply due to the OPEC+ and Saudi Arabia’s cuts and resilient demand despite recession fears – with oil consumption estimated to have already set record highs in July – have made fundamentals look increasingly bullish for the rest of the year. Macroeconomic sentiment in the oil market has also improved, with Fed cues that the U.S. could manage…
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