Crude Oil Technical Analysis – The positioning is at 13 years low ...Middle East

Fundamental OverviewIt’s been a brutal month for crude oil as renewed growth fears pushed the market into new lows. The negative supply news from Libya and Iraq, and the delay by OPEC+ to increase production from October didn’t help much to slow down the bearish momentum.The markets have been waiting for the US NFP to get some more clarity on the labour market but instead we got a mixed report with some better details under the hood. That should be good news at the margin as the Fed is still going to ease policy into a resilient economy.The positioning in crude oil is at a record 13 years low and a contrarian would see this as an opportunity to go against the consensus with the Fed’s easing

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