Oil bulls trying to push the crude market higher finally waved the white flag on Wednesday, triggering the biggest rout in a year, on concerns that stubbornly high inventory levels would persist despite supply cuts.
Prices had been locked in the tightest trading range in over a decade as traders and speculators piled into bets that oil prices would rise after the world’s top producers cut output.
For weeks, they shrugged off record high inventories in the United States until on Wednesday, the market finally blinked.
via Financial Post
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