Oil Traders Cause Prices To Drop Unexpectedly – 10 July, 2017
A decline in oil prices came as extra barrels were sold from unknown traders. despite large supplies in U.S. commercial crude stocks, prices continued to slide just after Independence Day. Between June 21 and July 4, money managers increased their net to a cumulative of 231 million barrels over four weeks, characterizing a short covering rally and crude prices rising. Before OPEC can enforce a correction strategy, prices may have to continue to drop for a period of time.