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Hedge funds and other portfolio managers began to include a higher risk premium in their oil price trades early this month as tensions in the Middle East spiked. Money managers significantly boosted their long positions in crude oil and other major petroleum product contracts in the weeks preceding Iran’s drone attack on Israel this past weekend. As the ...
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WTI oil futures tumbled by 2.8% to 82.84 on Wednesday, experiencing one of their biggest daily losses so far this year after a short-period of consolidation. The price slid below the key support of 84.14 and the 20-day exponential moving average (EMA), dissolving a descending triangle to the downside. This is usually a bearish chart pattern, indicating a ...