There is a poker game being played in the oil market between oil producers and speculators, specifically hedge funds. Since about March, hedge funds have been increasingly positioning themselves short of oil, arguing that rising inflation and high interest rates will hit consumers spending on items such as travel. Brent crude prices have responded in kind with a drop to between $70 and $75 a barrel, and WTI with a decline to around $66/bbl. The decline was less than well received by OPEC+ and at their last ministerial panel in April oil ministers opted for a surprise production cut to stop prices from dropping ... (full story)