Crude oil prices rose to the highest since early spring after the FDA yesterday gave the green light to the Pfizer-BioNTech Covid-19 vaccine, with government officials saying several hundred vaccination sites across the country would be supplied with vaccines by tomorrow. But traders—who have been buying oil and fuels futures with renewed eagerness over the past few weeks—are now preparing for a market correction.
Traders from hedge funds slowed down their purchases of crude oil and derivatives contracts, Reuters’ John Kemp said…Is It Time For A Correction In Oil Markets?
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