Reported 22 days ago
Last week, investors expressed unprecedented bearish sentiment on crude oil, exacerbating a prolonged selloff that has driven prices to multi-year lows. Short positions on Brent crude now surpass long positions for the first time, with concerns regarding weak demand in leading consuming nations, particularly influenced by economic turmoil in China. Consequently, Brent futures dropped below $70 a barrel, marking significant losses from earlier this year, raising speculation about potential volatility in the market as positions may soon reverse.
Source: YAHOO