Is Recent Oil Spike An “Irrational Exuberance”? |
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Many banks and investment firms have come out to defend the rise in oil prices saying that it is based on fundamentals and that prices could rise much further. While they go on saying this and prices move upward, open interest in crude futures contracts has been moving steadily downward since a high of 1.58 million last July to 1.36 million now. What’s more, in the recent oil spike, open interest actually fell 8% in a week as oil moved up over 2.6%. Could this be a sign of a short squeeze with
Filed under: Futures
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