Author: Sebastian Montague

In recent developments, the oil market has seen a marginal uptick, a phenomenon attributed primarily to traders who have, for the first time, taken a short position in West Texas Intermediate (WTI). Data compiled by commodity expert Ole Hanson reveals that there has been a slight decrease in the net long position on WTI, which now stands at approximately 207,000 after a 4,000 drop. This shift comes amidst an atmosphere of cautious optimism, with hopes pinned on President Trump’s diplomatic negotiations with Russian President Vladimir Putin. The goal of these talks is to secure a ceasefire agreement, although, at this…