Traders Are Selling, But Higher Oil Prices Could Be On The Horizon

Last week, we published one of the more bearish articles on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track.

StanChart says that In recent months, crude oil has remained close to the bottom of the ranking of metals and energy…