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Oil Price Bearishness Hits Pandemic Levels
Nowadays, the oil bulls just can’t catch a proper break. After a heavy selloff following the collapse of Silicon Valley Bank routed the markets, the markets returned to a semblance of normalcy after the 2nd of April decision of some OPEC+ members to make voluntary output cuts. Unfortunately for the bulls, the shorts have now returned with a vengeance. According to commodity experts at Standard Chartered, speculative positioning in crude oil has now returned to its March bearish extreme despite the OPEC+ cuts taking effect in the current month. StanChart has reported that its proprietary crude oil money-manager ... (full story)