COMMODITIES FX by Stewart Richardson


Oil Prices Collapsing Amidst Political Problems in the Middle East


In our last ar ticle about oi l we said: “With the bes t wi l l in the World, OPEC and Non OPEC production cut s a re ba rely making a dent in bloated stockpi les and there is a signi f icant risk that price needs to cor rect fur ther as


the ma rket reba lances, and fur ther pr ice decl ines would surely lead to bul l i sh hedge funds capitulating, forcing pr ice lower quite quickly.” The pr ice of front month ( June 2017) WTI was $49.62 at that time .


As at the close of trading on 23rd June, the front month (August 2017) WTI pr ice had fa l len to $43.01 and the net hedge fund long position had decl ined by just over a quarter. It’s nice to get something right in these market s!


FX TRADER MAGAZINE July - September 2017 13


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