Traders Aren’t Buying The Oil Deficit Story ...Middle East

OILPRICE - Economy
Traders Aren’t Buying The Oil Deficit Story
source : OILPRICE ( Middle East ) () 48
Traders are not buying the oil deficit story. That’s the conclusion that forces itself based on the latest oil and fuel buying and selling developments ahead of the latest OPEC+ meeting. The price movements that followed that meeting were proof that this attitude was correct. The initial price jump that every production cut announcement from OPEC+ causes fizzled out less than a day after the announcement. Over the past six weeks, institutional traders have reduced their positions in crude oil and fuels by 238 million barrels, Reuters’…

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