On June 7, according to media sources, some industry analysts said that traders did not believe the oil shortage.
Each time OPEC announced production cuts, oil prices initially rose, but after a day, the gains faded.
Over the past six weeks, institutional traders have reduced their positions in crude oil and fuels by 238 million barrels, the lowest in those contracts since 2013, industry analyst John Kemp said in a note earlier this week. One of the weekly positions.
Lately, institutional oil traders seem to have been focusing on consumption. That could backfire if analysts who almost exclusively predict a sharp rise in oil prices in the second half of the year are right.
But if traders’ fears of a recession materialize, oil prices will be well below $100 a barrel. In fact, oil prices could fall even further.
