This is probably the main reason oil prices are weaker since last week’s OPEC meeting, from Reuters:
”“Oil prices are continuing to crumble,” said Carsten Fritsch, analyst at Commerzbank. “We attribute the price slide to profit taking by speculative investors, who were holding almost record-high net long positions ahead of OPEC’s meeting.””
Here is the WTI price chart from barchart.com:
Leave a Reply