Traders Dump Oil As Concerns About The Economy Persist ...Middle East

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Traders Dump Oil As Concerns About The Economy Persist
source : OILPRICE ( Middle East ) () 57
Money managers fled the oil market in the week to May 2, reversing two weeks of buying petroleum futures and contracts spurred by the new production cuts announced by several large OPEC+ members in early April. A month after the OPEC+ group surprised the oil market by announcing additional cuts to production between May and December 2023 to ensure the “stability of the market,” oil prices are where they were just before the announcement, in the mid-$70s per barrel Brent.  The initial euphoria from an expected additional…

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