Oil Shorts Aren’t Ready to Give Up

The big oil price rally that kicked off last week and increased oil prices by nearly $10 per barrel has started unwinding. Brent crude futures for December delivery were trading at $76.63/barrel at 11.40 am ET on Thursday while WTI crude was changing hands at $73.24/barrel. That marks a sharp fall from their Monday 2-month high of $81.12 for Brent and $77.91 for WTI crude.  The rally was triggered by Washington’s indication that Israel could strike Iran’s oil facilities. Citi analysts have provided estimates that a major strike…