Stronger dollar limits the crude rally
ICE Brent crude prompt future dipped to 67.7 $/b after a reaching 71$ yesterday following the Houthis attack on Ras Tanura terminal. With no material…
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Last week’s crude oil price decline was likely caused by a broad selloff in Brent and WTI futures, as total open interest declined significantly. Looking at ICE Brent futures positioning, every category (managed- money, merchant players, swap dealers) reduced their exposure, as volatility was expected to rise, amid an uncertain OPEC+ production policy.