It was a bearish week for global crude benchmarks (Brent + WTI), which also suffered from the fallout from the sell-off in global risk assets following a weak US employment data report and the unwinding of the Japanese Yen carry trade. Notably, the significant increase in short positions across the key futures benchmarks imply that the recent sell-off was exacerbated by fresh CTA selling, in addition to the liquidation of length by discretionary and risk-parity funds.
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