Traders Dumped Oil Despite Middle East Tensions ...Middle East

OILPRICE - Economy
Traders Dumped Oil Despite Middle East Tensions
source : OILPRICE ( Middle East ) () 14
Institutional traders are dropping their oil positions as the outlook for the commodity—and the global economy—becomes marred in even more uncertainty. There has also probably been some profit-taking among hedge funds and other large oil futures market players after oil prices surged above $90 following the latest OPEC meeting earlier this month. The profit-taking started soon after the meeting, but the pace of exiting oil positions has accelerated recently. Reuters’ market analyst and columnist John Kemp reports that last week,…

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