BofA: Oil Prices Could Jump on Coming Short Covering ...Middle East

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BofA: Oil Prices Could Jump on Coming Short Covering
source : OILPRICE ( Middle East ) () 26
Trend-following commodity trading advisors (CTAs) could soon begin covering their significant short positions in oil, driving prices higher, according to Bank of America analysts cited by Investing.com. The sudden buying demand in the crude futures market has the potential to lead to a short-term rally in oil prices if CTAs rush to short covering. Last week, oil prices lodged another weekly gain, despite the announcement from OPEC+ that the group would continue to boost production in July with another 411,000-barrels-per-day hike. Geopolitical…

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