Oil Enthusiasts Stay Out of Rally Led by Shrinking Bearish Bets

Oil Enthusiasts Stay Out of Rally Led by Shrinking Bearish Bets

28 March 2016, 17:02
Francis Dogbe
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Oil enthusiasts haven’t been jumping on board the latest rally. As crude has soared 50 percent since Feb. 11, the number of bets on increased prices has barely budged. Instead, the upward pressure on prices appears to have come from traders cashing out of bearish wagers at an unprecedented pace. The liquidation of short positions during the last seven weeks covered by data from the U.S. Commodity Futures Trading Commission was the largest on record. "The rally has come from shorts getting scared out of their positions, and you’re not seeing a lot of ... READ MORE
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