INSUBCONTINENT EXCLUSIVE:
Intermediate crude prices for a ninth week in their longest retreat on record, short-selling jumped to the highest in more than a year
will trim production once again next year as futures plunge
crude from Iran due to US-imposed sanctions.
Among the reasons for the bearishness that has roiled the oil market are OPEC production at the
said Ryan Fitzmaurice, an energy strategist at Rabobank
prices and wagers on a drop -- in WTI crude slid 18 per cent to 160,291 futures and options in the week ended Nov
6, according to the US Commodity Futures Trading Commission
Longs fell 6.6 per cent to the lowest since July 2015, while shorts soared 29 per cent to the highest since October 2017.
But the bottom
And there are still bullish factors in the market, such as Iran supplying less crude, declining production in Venezuela and risks in
countries like Libya and Nigeria, according to Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London
Longs fell 11 percent, while shorts rose 8 percent
Money managers cut their net-long positions on benchmark US gasoline by 8.2 per cent and cut net-longs on diesel by 13 per cent, according
