The Nov’24 Brent futures contract sold off below $70/bbl for the first time since December 2021 on concerns about global oil demand growth and expectations of increased OPEC+ supply. Price action fell below key support levels, leading to an exodus of long positions. In line with this, Onyx’s weekly CFTC COT predictor anticipates the market getting shorter, driven by the liquidation of long speculative positions across the selected oil benchmarks in the week ending 10 Sep.
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