Oil Rally on Supply Concerns: How Far Can It Go?
Oil Rally on Supply Concerns: How Far Can It Go? The United States Oil Fund jumped 2.87% to $146.03 on September 9, marking the strongest single-day gain in weeks. The rally reflects growing concerns about tightening global supply even as speculative positioning shows signs of profit-taking. The question on every trader's mind: how much higher can oil go from here, and what could derail this momentum?
Key Takeaways USO surged 2.87% on supply tightening and geopolitical risks. CFTC data shows commercial traders net short at 5,651 contracts. Managed money net long positions dropped 22.4% to 16,365 contracts. Open interest declined 3.5%, suggesting short-covering rally. Support at $140, resistan…
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