Travel bans, border closures, and recommendations for self-isolation amid the coronavirus pandemic have aggravated fears of a global recession and pushed money managers to intensify the sell off of crude oil and fuels contracts, data reported by Reuters’ John Kemp shows. While just two weeks ago things were beginning to look up for oil after the first sell-off wave, now the future looks bleak. Money managers sold some 180 million barrels of oil and fuel contracts since February 18, Kemp reported, which doesn’t bode well for this particular commodity market as prices have been falling in this period and it hasn’t deterred funds from selling. Just how much things could change over two weeks becomes apparent when one compares the mood in the oil market in early March to what we are witnessing now. In early March, days before the OPEC+ meeting, most expected an agreement on deeper production […]