Monday (February 11) Asian time, US crude oilMain forceThe contract weakened slightly, once refreshing the two-day low to $52.04/barrel, Brent crude oil main contract also fell nearly 1%, the lowest hit 61.51/barrel, mainly due to concerns about the global economic growth slowdown, in addition, The position report also shows that investors have increased short positions, this weekOil priceThere is a large downside risk.
As economic concerns put pressure on oil prices, hedgingfundTimely reverse the bet on crude oil and re-add the short position.
Data released last Friday (February 8) showed that after the previous four weeks of decline, the bears increased their Brent crude bets by 28% in the week ended Feb. 5. This eclipsed the belief in bullish oil prices as investors weighed OPEC's cuts in production and weakened demand growth.
Brent oil prices failed to rebound this month after the global benchmark rose 15% in January. Record US shale oil drilling is threatening production cuts in Saudi Arabia, Russia and other large exporting countries. The economic picture has also become bleak. The trade negotiations between China and the United States still seem to be very different. The data of Germany, Australia and the United States are disappointing.
The ICE European Futures Exchange report on Friday showed that net long positions increased slightly by less than 1% to 233,995 options and futures contracts.
At 9:25 Beijing time, US crude oil is now reported at 52.05/barrel, and Brent crude oil is now reported at 61.52/barrel.
(Article source: Huitong.com)