Crude oil bears increased their selling pressures as oil traders reacted to Saudi’s massive price cuts for supply to Asia. The Saudis made their biggest discounts on their crude grades in four months as hopes on energy demand recovery got squeezed over the surge in COVID-19 caseloads. It’s been a double bazooka hit for crude oil bulls as the combination of seasonality and fragile demand for gasoline lately, contributed to the recent bearish trend as the price of WTI broke its critical price support level around $40. In addition oil traders have been on the sidelines in recent weeks, contributing to low volatility witnessed in the energy market. Oil traders are also concerned about the macro coming from the second-largest economy, revealing crude imports plunged by 5.4% in August to 10.9 million barrels per day, down from a record high recorded in July. As WTI broke the $40/ barrel […]