In late April this year, Wet Texas Intermediate nosedived below zero, sending the market into a frenzy. The frenzy ended a day later when WTI rebounded to positive territory. Now, the Commodity Futures Trading Commission has issued a report on the unprecedented event. Still, it has failed to answer many questions. The report identified three fundamental factors and five technical factors that contributed to the slump in the U.S. oil benchmark. Among the fundamental ones, the CFTC identified the excess supply on global oil markets, which fused with…
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