Hedge funds and large speculative capital increased short contracts in oil futures and options by 35% after the first decrease (almost two months) in stocks of American companies as the report of the EIA. Last week, shorter contracts in oil futures and options increased by 26 521 to 102 110 contracts, which is the biggest increase in 'bearish bets " from July 2015, according to data of the CFTC, quoted by Bloomberg. Tonight American
Petroleum Institute will provide more clarity on the status of US crude oil and gasoline.
All market participants most excited about meeting in Doha on Sunday where possible (but unlikely) negotiated freeze on oil production. If you achieve "freeze" agreement will be stimulated buyers, while purely speculative capital will probably start to cover the many short positions before meeting. Oil recovers after being dropped to their lowest levels for more than 12 years, with prices reached levels above +40% compared to the bottom in February. Real economic prerequisites for such a leap, however, not that implies for oil traders a highly volatile week.
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