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Oil shorts are in control, Gold and Bitcoin remain heavy
Oil has easily become a favorite short on Wall Street. The oil market doesn’t appear like it will get tight anytime soon on fears that China’s weak post-COVID recovery won’t be improving anytime soon and as Russia continues to sell more oil to China and India. In addition to all the bearish drivers, some notable oil bulls are abandoning their aggressive bullish calls. Goldman Sachs lowered its Brent outlook for the end of the year from $95 to $86 a barrel. Just last week, Goldman’s Currie was talking about seeing substantial physical draws in Q3 or Q4, which could support oil back to the low $90s. With every ... (full story)