Oil Speculators No Longer Confident In Price Crash

If the whims of oil speculators are anything to go by, then another oil price downturn looks increasingly unlikely. Oil prices have gained more than 80 percent over the past three months, bouncing off of $27 lows in February to hit $50 last week. Those sharp gains raised the possibility of another crash in prices because the fundamentals still appeared to be bearish in the near term. By early May, oil speculators had built up strong net-long positions on oil futures, extraordinary bullish positions that left the market exposed to a reversal. Speculators…

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Oil Speculators No Longer Confident In Price Crash

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