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

Monday, August 29, 2016
By Paul Martin

by Tyler Durden
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

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter