Hedge funds have accumulated the first net-short across key commodities and following six weeks of continuous selling the sector paused ahead of several critical event risks over the coming weeks. Continued focus on oversupply ahead of the December 4 Opec meeting kept oil under pressure industrial metals received a boost from talk of Chinese production cutbacks while a rising dollar added further misery for precious metals.
from Ole Hansen - Authored content https://www.tradingfloor.com/posts/wcu-oil-market-turning-attention-to-opec-and-saudi-arabia-6647889?utm_medium=tf4-feed&utm_source=extract
WCU: Oil market turning attention to Opec and Saudi Arabia
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