You were warned...
In 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned he would “make sure whoever gambles on this market will be ouching like hell.”
Amid the oil price selloffs following the banking sector jitters last month, top OPEC+ officials spent weeks reassuring market participants that the plunge in oil didn’t warrant any tweaks to the production cuts agreement. Until they decided it did. The announcement came when markets were closed, and OPEC+ has undoubtedly bet on a jump in oil prices the moment the markets opened. Oil soared by $6 per barrel on the Monday following the announcement, the biggest single-day surge in prices in over a year.prices, the alliance followed through the proverbial promise of Saudi Energy Minister Prince Abdulaziz bin Salman from 2020, “I’m going to make sure whoever gambles on this market will be ouching like hell.
A combination of fresh longs and short covering boosted the net long position – the difference between bullish and bearish bets – in both crude oil contracts.
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