$9B Buying Spree Could Provide Oil Price Tailwind
As much as $9 billion of oil contracts could be purchased over the five days of re-balancing that start Friday, according to Citigroup. (Bloomberg) -- Tens of billions of dollars worth of commodity investments are about to be switched around in a move that’s set to cause a wave of oil-futures buying. While the move happens every year, crude’s 20% decline in 2020 means that the value of oil index investments has been far below its target for months. As a result, as much as $9 billion of oil contracts could be purchased over the five days of re-balancing that start Friday, according to Citi...
Source: rigzone.com