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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (128586)	7/13/2022 6:15:46 AM
From: Goose94	Read Replies (1) \| Respond to of 202784

Crude Oil: Crash By More Than 7% On Demand Destruction Fears The triple whammy of demand destruction, high inflation, and recurrent Covid woes in China sent oil prices crashing this morning, with WTI falling more than 7%. Even OPEC, the stalwart of market bullishness, acquiesced to expectations of weaker demand coming ahead from recessionary pressures and lowered its 2023 demand growth forecast to 2.7 million b/d. However, even this prediction is predicated on no escalation around Ukraine and China rising above its lockdown blues, which, considering that some 30 million people there are still under restrictions, might turn out to be overly optimistic. Hedge Funds Increasingly Move Out of Oil Amidst widespread recession fears, hedge funds and other money managers have been quitting their oil positions at one of the fastest rates in the post-pandemic period, selling a total of 201 million barrels in the past four weeks. Oilprice.com