Growing economic concerns have caused speculators to leave the oil market, with open interest in U.S. crude oil futures at a three-year low.
With economic uncertainty in the U.S., a slower-than-expected demand recovery in China, and a new OPEC meeting looming, volatility isn’t going anywhere.Concerns about the economy and new banking sector jitters have sent oil traders rushing for the exits and cutting their bullish bets on crude oil again.
The previous large drop in bullish bets had taken place right before early April when the OPEC+ group After the production cuts were announced, prices spiked for two weeks until the middle of April, before negative sentiment about the economy and underwhelming Chinese recovery took over again and drove prices back down to the low $70s. WTI Crude even fell below the $70 a barrel mark last week.
“In short, the oil market needs more players on the field,” Michael Tran, managing director at RBC Capital Markets, toldBut in the week to May 2, money managers cut their long positions and added short positions, cutting their net bullish bets in both WTI Crude andDriven by heavy selling in energy, bullish bets on the major commodities futures plunged by one-third in the latest reporting week to the lowest since June 2020, Ole Hansen, Head of Commodity Strategy at Saxo Bank,The technical...
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russian oil ban costs Polish oil company PKN Orlen millions a day, says boss\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
How Much Lower Could Oil Prices Fall? | OilPrice.comOil prices are nearly $10 lower today than they were a month ago when OPEC+ announced its latest production cut & sent prices soaring.The major factor driving oil prices lower at the moment is economic uncertainty, with analysts talking about a recession.
Read more »
Inside the beautiful Victorian sandstone villa with £440k price tagInside the beautiful Victorian sandstone villa worth almost half a million pounds.
Read more »
Two oil tankers seized by Iran spotted in southern citySatellite images show the Advantage Sweet and Niovi tankers anchored near a naval base south of the city of Bandar Abbas as tensions rise between Iran and the West.
Read more »
I went to Leeds' discount Greggs and got a big haul for a fiverMy shop was more than half the price than at a standard Greggs store
Read more »
Baristas are now adding olive oil to coffee – but is it a good idea?There’s another coffee trend making its way to the mainstream – olive oil coffee.
Read more »