Oil Extends Losses As ‘Short-Squeeze’ Ammo Is Now Exhausted

by Tyler Durden
ZeroHedge.com
Aug 29, 2016

WTI Crude is now down 6% from last week’s highs, back below $47 as supply concerns (Abu Dhabi production rise and ConocoPhilips’ CEO comments) and OPEC freeze talks doubts have combined with the biggest collapse in speculative short positions in history (following the Saudi statement) – removing the last ‘short-squeeze’ leg of support from this dead-cat-bounce.

The Rest…HERE

This entry was posted on Monday, August 29th, 2016 at 1:04 pm and is filed under Economics, Oil. You can follow any responses to this entry through the RSS 2.0 feed.