Opec said the recent oil sell-off was the result of “erroneous signals” as the cartel pushed back against predictions that slowing economic growth and monetary policy tightening would weigh on global crude demand into 2023, reports Global Telegraph.
The unchangedOil market fundamentals were “unchanged”, the producer group argued, yet hedge funds and other money managers had continued to close out bets on rising prices in the two major oil futures contracts “amid a market narrative of worsening...
https://mfame.guru/oil-sell-off-driven-by-erroneous-signals-in-markets/