Oil news and market movers: Net bearish against Fed rate cuts
- The Commodity Futures Trading Commission (CFTC) has revealed in its weekly report that traders are net bearish Brent futures for the first time since September 2011. Short positions outnumbered long bets by 12,680 lots in the week ended Sept. 10, Bloomberg reports.
- Libya is still in an impasse over who should control its central bank. UN-led talks broke down again with the impasse still in place. This in its turn causes the country’s crude exports to continue to slump, Reuters reports.
- Meanwhile, Houthi rebels claim to have fired hypersonic missiles during their attacks in Israel over the weekend, the New York Times reports. The rare attack is an illustration of how the conflict is picking up in the Middle East.
- A streak of Chinese economic data published on Saturday showed that Industrial Production, Retail Sales and Fixed Asset Investment grew at a slower pace than expected in August. Lower economic activity in China means less demand for Oil.
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