Oil Price Volatility Will Only Get More Extreme

Concerns about the economy and new banking sector jitters have sent oil traders rushing for the exits and cutting their bullish bets on crude oil again.  As more speculators leave the market – with open interest in U.S. crude oil futures at its lowest in three years – prices are set for more extreme volatility.  WTI Crude, the U.S. benchmark, saw the biggest drop in the net long position – the difference between bullish and bearish bets – in six weeks in the week to May 2, data from the U.S. Commodity Futures Trading…