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Oil Speculators Start 2024 with Increased Bearishness

OIL

The start of 2024 saw money managers make one of their most bearish shifts on oil prices, according to Bloomberg.

  • Speculators added around 61k combined short positions in Brent and WTI in the week to Jan. 2, the highest level since March.
  • Traders have begun 2024 with a bearish mood. Saudi Arabia cut its OSPs to Asia and yearly outlooks have been revised downward, Bloomberg added.
  • There may be a further rebalancing, Bloomberg said, as the Bloomberg Commodity Index and the S&P GSCI Index are expected to sell around 27k contracts of US crude.

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