Courtesy of EconMatters
The Reason for the large move in the Oil Market over the last 7 trading days, has to do with the record level of shorts that had to cover before the September Futures contract expired. This had nothing to do with the fundamentals of the oil market. With the record level of Oil production by the Saudis in July and August a freeze at these levels is absolutely meaningless and bearish for the oil market rebalancing anytime soon.
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