Sentiment Shifts In Oil Markets As Hedge Fund Selling Spree Ends

The news of another coronavirus variant that prompted some countries to close their borders frightened traders who exited their bullish positions on the commodity in droves a week ago. Now, however, sentiment is reversing. Crude oil had been falling for six weeks previously due to a combination of factors, including the U.S. announcement that the government is ready to release 50 million barrels from the strategic petroleum reserve to power retail fuel prices. Worry about Covid-19 flare-ups in Europe also weighed on crude oil, and institutional…