According to StanChart, the current extreme in crude positioning is based on incorrect expectations of a looming crude oil surplus as well as persistent fears of a severe economic discontinuity.
Oil prices tumbled over 4% today, reaching a 3-year low as trader sentiment continued to sour ahead of tonight's highly anticipated U.S. Presidential debate between Donald Trump and Kamala Harris, with bearish sentiment sinking to multi-year lows as traders continue overreacting to any negative development and ignoring relatively healthy fundamentals.
oil alliance has agreed to postpone plans to hike production by a scheduled 180,000 barrels per day in October, as part of a program to gradually return a broader 2.2 million barrels per day to the market over the following months. The 2.2 million bpd cut--implemented over the second and third quarters--was scheduled to expire at the end of the current month.
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