![]() The price slump comes as crude supplies remain robust despite OPEC+ supply cuts and reduced Russian exports. Ghali estimates that the average commodity trading advisor will likely have liquidated most of their long positioning by the end of this session.Ĭommodity trading advisors “are likely contributing to the pain”, Ghali said. The move lower likely accelerated in tandem with several selling programs, causing a vicious cycle, said Daniel Ghali, senior commodity strategist at TD Securities. ![]() West Texas Intermediate sank 4.9 per cent to settle below $US73 after a report on Wednesday showed rising US stockpiles and the grade breached its 200-day moving average. Oil plummeted to the lowest since July as trend-following trades accelerated losses that were kicked off by swelling inventories and the failure of key technical support levels.īrent crude slid by 4.6 per cent to settle below $US78 a barrel after algorithm-driven traders dumped crude holdings when prices dipped under $80 a barrel.
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