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CFTC Weekly: No Country for Old Bulls

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Money managers were more bullish in the crude futures benchmarks in the week ending 27 August. In both Brent and WTI futures we saw an addition of long positions and a liquidation of short positions. Bullish sentiment was boosted in crude futures as investors became more sanguine about economic growth prospects following Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium, as he hinted towards the beginning of a rate easing cycle from the next meeting in September. Moreover, supply disruption concerns mounted as Libya’s eastern-based government announced the closure of all oil fields which halted production and exports.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.