Investors cut their petroleum positions to the lowest level for at least a decade early last week, part of a broad-based retreat from risk amid rising concerns over a global economic slowdown.
The most recent week saw sales across the board in Brent , NYMEX and ICE WTI -31 million), European gas oil , U.S. diesel and U.S. gasoline . The speed, scale and breadth of selling was consistent with a broad risk-off move across asset markets as well as concerns about a slowdown in the major economies and deterioration in the outlook for oil consumption.
With positions now extremely bearish, the recession-on trade in the oil market has become crowded and vulnerable to reversal.
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