Oil Prices Drift Lower as Speculative Selling Slows

摘要

Speculative traders slowed the rate at which they have been reducing their overall net length in crude oil futures and options last week, processing mixed signals on global growth and trade (OD Oct.14’19). As they reduce their net length in the weeks following the Sep. 14 attack on Saudi Arabia’s oil infrastructure, there has been a spike in bets that crude prices will fall, partly a reflection of a gloomy outlook on the health of the macroeconomy and worries that global growth is slowing faster than expected, threatening to take oil prices down with it.