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’…Traders Aren’t Buying The Oil Deficit Story
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