Oil Traders Turn Bears Fast and Furiously

Just a few months ago, oil prices were on the rise, talk on Analyst Street was about a deficit to manifest itself by the end of the year, and, as a result, even higher prices. Four months later, oil is depressed, and traders continue selling, worried about a looming glut, which OPEC+ is not doing enough to reduce.

And that after the cartel announced cuts of 2.2 million barrels daily. It is an unusual situation, to say the least. It started with Chinese demand early in the year. Oil bulls watched China like hawks as the country emerged from the…